My latest book ‘Oversubscribed’ provides the principles and methods businesses can follow to elevate themselves into a very powerful position; a position where people are lining up to do business with them.
In order to become oversubscribed in this way, you must achieve an imbalance where there are more buyers than sellers. There are four drivers of market imbalances where you’ll see this occur:
DRIVER #1 – INNOVATION
This is when you create something new and shiny that no one else sells, there’s only one seller (you) and there’s a niche of new buyers who want it. There are therefore more buyers than sellers by virtue of the fact there’s only one supplier and more people want it. Innovation can come from your business in different forms such as products, systems or brand innovation.
DRIVER #2 – RELATIONSHIP
You need to build such a powerful relationship with buyers that they ignore other sellers. Own the relationship with the buyers in your market so that they become more loyal or they don’t look for alternatives. You can own relationships with buyers in many ways, such as becoming more influential, becoming better known in your industry and getting deals in place.
DRIVER #3 – CONVENIENCE
This is about being in the right place, at the right time, with something that meets the consumers’ unmet desires. This creates an efficiency others don’t have. Crucially, you’re still able to offer your products at a price that is profitable, but that price is lower than other suppliers can achieve. Convenience can be achieved by better distribution, better market information and automation.
DRIVER #4 – PRICE
This occurs when you’ve invested into an asset that creates an efficiency others don’t have. It means you’re still able to offer your products at a price that is profitable, but as it’s less than other suppliers, you will come out on top. You can reduce costs and still keep your margins by cleverly investing into assets, looking for inefficiencies and systemising to keep overheads low and margins high.
These four drivers are pertinent in separating yourself from the market and to get people lining up to do business with you.
To find out more about how you can apply these principles to your biz, you can grab a copy of my book here.