Learn how to increase demand for your product or service.
Companies that are just releasing new products tend to have a difficult time penetrating the market with solid sales because of the endless options that are already available.
A proven way to get in is to consider the concept of oversubscription, in which loyal customers are being sought after instead of competing with the existing rivals in the market. This way, supplies might be outnumbered by demands, and oversubscription would be attained.
Making your brand standout is a task very much doable. You just have to focus on innovation and continue the effort to establish excellent customer relations. You can dig up inspiration to keep ahead of the competition, and attract success through the following.
- That an undersized but devoted group of fans is what your business needs to continue to exist;
- Why music festivals give out early-bird discounts for tickets; and
- What made the iPod a giant victor when it was released in 2003
Successful businesses create more demand than supply and find niche markets to generate desire.
Desire is what makes people pay money for the luxurious innovative devices that are being released every year—not the necessity to have these gadgets for a much greater purpose than being at trend.
It has become a matter of popularity and scarcity. When something is so popular, yet hard to attain, it becomes so desirable to the rest of the market.
As the law of supply and demand suggests, when buyers and demands are greater than the products and supplies, oversubscription occurs—definitely a good thing for a business. This is a very promising situation for sales to go skyrocket.
A perfect example is the iPhone.
Every time a new version is set to release, it is expected to sell out prior to the release date. And this forecast has never been wrong so far. But does iPhone worry about its supplies not being able to meet the demands? No, because the longer the lines of iPhone enthusiasts, the better the demand perspective it showcases to those outside of the stores.
But with a strong competition, even Apple needs to make sure Samsung would not affect the flow of their demands. Apple knows just how to keep up with the biggest challenges of staying oversubscribed despite Samsung and other smart phone manufacturers trying to level with their newest versions.
Plastic surgery was basically a very in-demand service back in 1980s when only a few doctors were practicing it. This meant they were able to charge enormously per service. However, when a lot of doctors with great skills showed up and started practicing plastic surgery, the prices of the services had to be reduced to maintain competitiveness. That or losing oversubscription to newly sprung service providers.
Having said so, a good way of staying oversubscribed is creating your own niche and gathering loyal customers. A perfect example is the Dom Pérignon champagne that is known to be the crème de la crop of champagnes. Its makers, Moet & Chandon, knew that there were already a lot of competitions out there. And the only way to stand out is to be the best luxury brand there is. They targeted a specific market of loyal customers who were seeking for only the best bottle of champagne they could possibly get, and then maintained their spot at number one through those people.
Disrupt the market by being more innovative and convenient, or less expensive.
Come up with a truly pioneering and distinctive product, and you can guarantee your way to being oversubscribed—easier said than done, but totally worth it.
When iPod was released, it was so unique and innovative that it did not have any competition in the market for being a well-designed and user-friendly MP3 player. It was the first of its kind, and therefore, was massively profitable for Apple.
Another sure way of guaranteeing that your customers would stick with you and stay loyal is through the use of contracts. To have a phone line, for example, you have contract options to choose from. You can go for 24 months and have continuous line service with a smart phone that comes with the plan. But you have to stick with that carrier for the whole duration of the contract. And that takes commitment.
Make sure you have oversubscription by creating a more convenient version of an existing product like what Amazon did, which basically put every product being sold online in a one-stop shopping center. It made things easier for online shoppers to find whatever they need to find to make a purchase.
Another way to have oversubscription is by selling for cheaper price like UNIQLO. By choosing to make exclusive deals with its suppliers to purchase fabrics at a wholesale price, UNIQLO was enabled to sell for much lesser price despite being a globally known clothing company with competitive quality. As a result, UNIQLO was able to maintain oversubscription.
Manufacture desire by creating exclusivity and a special customer experience.
It is tried and true that customers respond positively to a much subtle way of pitching. Between a book that is being consistently shown everywhere and a book that your peers are reading, there is a high probability of you opting for the one your friends are enjoying.
Between a luxury shop such as the Gallery Lafayette in Paris that does not spend money or effort on annoying ads and a bargain store with all those street vendors dragging passersby inside, who do you think will be patronized?
At Lafayette, customers who spot a long line from the outside of the store would not feel any less interested, but rather more eager to go grab an item from the store just to feel connected like the rest. It builds up excitement and a longing to be on trend.
Providing a great customer service experience also enables you to grow your customers. You can even interview a few patrons and ask them what makes them enjoy your product. These answers would automatically be customers’ testimonies that you can use to develop more curious folks to loyal customers.
Forget about traditional marketing and make something that people will talk about.
As much as people like to think that they are their own minds and that they think independently, we are all greatly influenced by those who surround us, most especially if they do it themselves. Any smart company would take this for its advantage.
Another thing to remember is the fact that customer reviews speak way louder than slogans. Now that customers are such experts in giving reviews and are so opinionated, it is important to exert more efforts to get great reviews to be a trustworthy brand. You can never go wrong with this marketing tool.
After all, even you would rather trust other customers’ point of views and personal experiences regarding a product or service than some catchy, biased jingles on the radio and television. The happier a customer is with a product, the more awesome reviews they will leave your site.
Now, let us take a closer look at how to get your customers excited.
Use updates to build anticipation and get customers subscribed.
Collectables industry is worth billions of dollars, because people are excited in having items that are so rare and special that only a few can afford to have.
Through this business-to-customer signaling, you can give your customers a special heads-up to let them know that a new limited-edition is about to hit the shelves. It can build loyalty and anticipation altogether.
The Glastonbury Music Festival in England knows exactly how to build up excitement in favor of its business. People can sign up for updates and take advantage of the early-bird discounts for tickets to their annual three-day outdoor concert. It builds up excitement by expertly teasing about the lineup of musicians until its 350,000 subscribers are round-the-clock waiting for the 120,000 early-bird tickets to be available online. Talk about oversubscription.
Signaling is a good advertising tool to hand people the chance to get updates about your products and services. By doing so, you can point your finger on customer behavior and understand how to use it to gain solid sales.
Strengthen customer relationship and build excitement for them to need your product. Inflict a sense of achievement whenever they successfully purchase from you through customer signaling. Make them feel connected to your business for repeat purchases. This way, even with a small yet dedicated group of customers, your business can grow and thrive.
Lastly, let us take a look at more important ways of engaging with your customers.
Engage your audience with entertaining and informative content.
After you establish a group of loyal customers, how you keep them interested will determine your business’ success. And a proven effective way to keep your customers subscribed is by sending out informative and fun content to their way.
Regular newsletter is a great way to engage your subscribers. But sending them the right content is another thing. The right content must be fun to read and can keep them engaged, informative and full of sense, and of course, useful for the customers. You can also insert a bit of your expertise to build their trust on you. After all, most customers do not have time for lengthy newsletter, most especially for the ones that do not possess these criteria for a good content. Nobody wants to waste time reading emails that are not beneficial. Hence, spam.
Be patient on the time they need before they make a purchase. Keep your products enticing and necessary in your loyal customers’ eyes and your business will stay afloat.
Make sure that when they search as part of their decision-making prior to purchase, you have a blog or useful newsletters to back your product up. Provide good statistics, how-to-guides, and great insights as to why your product is a must-buy.
Take advantage of fun channels and portals you can use to create unique contents that your customers would incline to like. YouTube is a good example of those channels you can use.
Always think of the 80/20 rule of thumb with your content. 80% useful and informative while 20% comedy and jokes. Never compromise being informative, because it is what your customers will mostly rely to when deciding whether to buy your product, but do not jeopardize being fun as well.
Now that you know some of the secrets to triumph, you can get people to talk about your business now.
Limited offers are being broadcasted for a reason. Companies like making some limited edition products and proudly let every customer know about it, because it makes them want to purchase the product even more.
So, offer something that nobody does.
It does not matter whether it is a one-of-kind product, a super low price, or the convenience that makes your offer unique. The important thing is you offer what others do not. This is a sure way to not only drive sales your way, but to make sure you keep those customers subscribed.
Think of an answer for this question:
If you have all the money to spend on something that will make you excited about your business, what would it be?
Whatever it is that you thought of, now is the time to start thinking of ways to fit that goal to your actual budget. It is time to make those customers see your business’ true worth.