Oversubscribed
“For the last 30 years I've worked on some of the world's largest events from mass participation running and cycling events to the Olympics. It's always a challenge to get a big event to engage with a large audience – this is one of the few books I've ever seen that distills powerful ideas and strategies that I know have an impact.”
“This book contains powerful ingredients and delicious recipes for succeeding in your business. Savour it!”
“After building an international retail business in three countries with over 1,000 locations I understand the pressure businesses are under to grow and scale. This book is perfect for an entrepreneur, leader or marketing manager to perform at their best.”
“I've launched and sold over $5 billion worth of products and I know that successful product sales requires a unique approach. This book shares ideas that will increase your sales and scale your business.”
“I read Oversubscribed and found myself nodding and reflecting upon success stories that I know or have been a part of. Principles that would take a decade to learn through trial and error are spelled out clearly in this book. Daniel Priestley continues to cement his position as one of the most perceptive, influential, and also, entrepreneurial commentators on the planet.”
This edition first published 2015
© 2015 Daniel Priestley
Registered office
John Wiley and Sons Ltd, The Atrium, Southern Gate, Chichester, West Sussex, PO19 8SQ, United Kingdom
For details of our global editorial offices, for customer services and for information about how to apply for permission to reuse the copyright material in this book please see our website at www.wiley.com.
All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted, in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, except as permitted by the UK Copyright, Designs and Patents Act 1988, without the prior permission of the publisher.
Wiley publishes in a variety of print and electronic formats and by print-on-demand. Some material included with standard print versions of this book may not be included in e-books or in print-on-demand. If this book refers to media such as a CD or DVD that is not included in the version you purchased, you may download this material at http://booksupport.wiley.com. For more information about Wiley products, visit www.wiley.com.
Designations used by companies to distinguish their products are often claimed as trademarks. All brand names and product names used in this book and on its cover are trade names, service marks, trademarks or registered trademarks of their respective owners. The publisher and the book are not associated with any product or vendor mentioned in this book. None of the companies referenced within the book have endorsed the book.
Limit of Liability/Disclaimer of Warranty: While the publisher and author have used their best efforts in preparing this book, they make no representations or warranties with respect to the accuracy or completeness of the contents of this book and specifically disclaim any implied warranties of merchantability or fitness for a particular purpose. It is sold on the understanding that the publisher is not engaged in rendering professional services and neither the publisher nor the author shall be liable for damages arising herefrom. If professional advice or other expert assistance is required, the services of a competent professional should be sought.
Library of Congress Cataloging-in-Publication Data
Priestley, Daniel.
Oversubscribed: how to get people lining up to do business with you/Daniel Priestley.
pages cm
ISBN 978-0-857-08617-4 (hardback) – ISBN 978-0-857-08619-8 (paper)
1. Marketing. 2. Customer relations. 3. Small business – Growth. I. Title.
HF5415.P65927 2015
658.8 – dc23
2014048155
A catalogue record for this book is available from the British Library.
ISBN 978-0-857-08617-4 (hardback) ISBN 978-0-857-08619-8 (paperback)
ISBN 978-0-857-08623-5 (ebk) ISBN 978-0-857-08618-1 (ebk)
Cartoons: Andrew Priestley
Cover image: ©iStock.com/denis_pc
Cover design: Wiley
Dedication
Introduction
There are restaurants that people line up for. There are products that you must pre-order months in advance. There are tickets that sell out on the day they are released. There are stocks that go roaring up in value right after they float. There are cars that were bought before they were built and properties that sell off the plan when they are nothing more than a set of drawings. There are consultants who are booked six months in advance and hair stylists who charge ten times more than others. There's furniture you can't buy, only pre-order, and bottles of wine that are purchased while their grapes are still hanging on the vine.
There are people who don't chase clients. Clients chase them.
In a world of endless choices, why does this happen? Why do people line up, pay more, and book so far in advance when other options are easily available? Why are these people and products in such high demand?
This book explains why. It's caused by a phenomenon known as being “oversubscribed”.
A product or brand reaches a level of being oversubscribed when there are far more buyers than sellers. It's when demand massively outstrips supply. It's when many more people want something than capacity allows for. This book is designed to give you a recipe for becoming oversubscribed, and introduce the underlying ideas that drive this phenomenon.
But before we delve into these concepts and suggestions, it would probably be a good idea to give some background on why you should listen to me. Let me start by telling you a story.
My company runs large business and leadership events around the world. We don't use typical conference rooms in typical hotels; we host our events in theatres and auditoriums that are normally used for popular musicals and shows. What's more, our events are premium priced and oversubscribed – despite the fact that most companies struggle to get 50–100 people to turn up to a free business event.
For example, in January 2013, I issued an email to clients in Sydney, Australia that said: “We have sold too many tickets to the event that you've booked in for. The venue holds 700 people and we've now sold more than that and we have a waiting list forming. If you'd like to sell your ticket back to us – or for any reason you can no longer attend the event – please email us, and we will buy back your ticket today for DOUBLE what you paid for it.”
As I mentioned, most business events in Sydney are free, don't get more than 100 attendees and are run by people who live in Sydney and have access to local contacts and networks. Our event was brand new, priced at the top end – and we didn't have a single staff member on the ground in Sydney at that time.
The