How to Create High Demand for your Business and why it’s important.
Previously we’ve looked at Advertising tips guaranteed to increase awareness and Effectively Promote Events on Facebook, but in this post we’ll explore How to Create High Demand for your Business and why it’s important.
In theory, high demand is achieved when demand for what you’re offering customers is greater than the supply of said offerings. For example a small bakery in a large community would be in high demand. Everyone needs breakfast and most people eat plenty of bread. The bakery is likely to struggle to keep up with demand. They wouldn’t be able to service the whole population in that community.
An author by the name of Daniel Priestley calls this concept as being “Oversubscribed” and is the title of his famous book. Businesses with this amount of demand tend to have the power to set their own prices, be selective in which customers to deal with, are able to create large amounts of hype and they can provide the best possible experience for their loyal customers. Lets take a quick look at the two main aspects of being a business in high demand.
Many customers flock to businesses that have an air of exclusivity to them. Take Apple for example. When the iPhone was first released everyone was ready to get their hands on a revolutionary new product. It was the first time a gadget had the likes of an iPod, a phone and internet browsing in a beautiful way. The launch was so successful it is now remembered as one of the most successful products to ever be sold.
A more simple example of exclusivity is a high-end restaurant. They don’t accept any customer who walks in. Many times you are required to book months in advance and prices are not cheap. Hence only the wealthiest customers are likely to dine there. Business like this know when to decline customers who aren’t their ideal market and deliver an amazing service to those who are.
Once you have this exclusivity and ideal customers, you are ready to provide your customers with an experience to remember. They must be taken care of so well, that thinking of doing business with your competition will not even occur to them. A barber shop for example can charge double or triple the price for their services simply because they are known as the best in town for their friendly atmosphere. Perhaps they serve coffee and tea on the side and offer lots of personal care tips during visits. This creates an a auro of exclusivity around the business and hence attracts customers who are willing to pay extra for better quality.
By considering the simple examples above, you too can create high demand for your business. It will help you build a following of loyal customers who will do your marketing for you. You are now in a better position to charge a higher price for your services. Knowing the quality that you serve, customers will be more than happy to pay extra as they will highly value your offerings.
Hopefully this post gave you some ideas in How to Create High Demand for your Business.