Wouldn’t it be great to have a waiting list of clients wanting to buy your product?
I know the owners of a business who are in this exact situation. Yes, they have a long list of clients waiting to buy their product. For many budding entrepreneurs, this is dream come true. But despite their blissful situation, these business owners still face a problem.
If my business clients wanted to meet the huge demand for their product, they needed a large capital outlay. I’m sure you are all thinking what I immediately thought. When you have such a high demand for your product, you can increase your prices.
The ladies admitted I was not the first person to suggest this to them. But they are facing fears of losing customers on account of raising their prices. As an option, I suggested they keep their existing clients on the original fee and then increase the price of their product for new customers.
To solve the cash flow issue of having a large capital outlay, I proposed they charge the first two or three years upfront. This would allow them to buy the materials required to create the product and supply the orders.
What’s the upside to this? The supply of this particular product means they can increase revenues from other related income streams within their business. So, increasing the volume of sales of the major product has a flow on effect in other aspects of their business.
How to generate a huge demand for your product or services
Once you’ve created a product that answers a pressing need or satisfies your target’s desire, generating a buzz is the next crucial step.
There are various ways to increase the demand for the product you have created. Some use scarcity. Some address the pain points of their target buyers. Others use exclusivity.
The ladies knew their target market on a deeper level. That’s why they were able to develop a product tailored to their customers’ need. They also built a product they are passionate about. Their compelling marketing strategy? Share their beliefs, unique story and passion with their target market.
The buyers of their products have the same ideals and beliefs as they do. They have attracted a loyal base of clients who want to be a part of their company’s story. By purchasing their product, their customers are able to interact with the company and create their own story.
Having lots of customers waiting in line to buy your products is a great aspiration and if other business owners can do it, you can, too.
Great product, compelling marketing, and smart cash flow management are the key to success.
Do you know a good story that your target audience can relate to? See how you can effectively use it to persuade buyers to line up for your products or services.