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In September 2021, Nigerian Grammy Award-winning singer, Wizkid captured headlines when he sold out his Made In Lagos tour tickets in mere minutes. The concert, held at London’s renowned O2 Arena, had its second date sell out in just 35 minutes. In Nigeria, Wizkid’s journey over the years is known by everyone. He started from his locale, Surulere to becoming one of the world’s most-celebrated artists. His phenomenal achievement exemplifies the journey from being undersubscribed to becoming overbooked. His ability to spark such intense demand provides a valuable lesson for businesses: understanding and implementing strategies that convert low demand into a thriving, high-demand success.
When a business experiences low demand or is undersubscribed, it faces significant challenges. Reduced revenue is a primary concern, as fewer customers lead to lower income and potentially reduced profitability. Low demand can also indicate that a product or service is seen as less valuable or desirable, which hampers a business’s ability to grow and scale effectively. To move from being undersubscribed to overbooked, businesses can implement several strategic frameworks.
Create Demand
It is crucial to generate interest and anticipation in order to drive demand. Effective marketing strategies can build excitement and attract attention, creating a buzz around your product or service. For example, Funke Akindele‘s highly anticipated movie, ‘Everybody Loves Jenifa,’ is already generating excitement. She is fueling demand by releasing teasers and distributing branded merchandise, such as umbrellas and t-shirts, which heightens anticipation and desire among her audience. You need to ask yourself how you can create similar anticipation for your business. What strategies can you employ to spark demand?
One effective method to generate demand for your product and become fully booked is by using social proof. Display testimonials, reviews, and case studies from happy customers. When potential customers see others enjoying your product, it motivates them to want to try it as well, which increases demand.
Create Supply Tension
Supply tension involves crafting a deliberate gap between supply and demand to create a sense of urgency and exclusivity. By intentionally limiting the availability of a product or service, businesses can make it more attractive, prompting consumers to act quickly to secure it before it runs out. A prime example is the BBNaija show, where the organisers create supply tension by offering limited spots for housemates and exclusive content that viewers eagerly anticipate. This tactic ensures high engagement and viewership, driving demand.
For instance, Netflix generates excitement and supply tension by focusing on original shows and movies that are only available on their platform. By restricting access to these must-watch programs through a subscription, they create a feeling of scarcity and urgency, motivating people to sign up quickly to avoid missing out on popular or highly rated content that can’t be found anywhere else. This exclusivity fuels demand and keeps viewers continuously subscribed, maintaining a strong desire for more of their limited, in-demand content.
Communicate Value
Effectively communicating the value of your product or service is essential for shifting from being undersubscribed to overbooked. This involves distinctly showcasing the unique benefits and how your offering addresses the end user’s pain points. For example, in our agency, we focus on helping clients gain online visibility. Entrepreneurs who skip online news publications might struggle with brand visibility and attract potential customers. By clearly communicating how our services address these issues, we highlight the importance of effective online coverage through our content marketing efforts.
Another way to communicate value is by sharing stories that resonate with your audience. People are naturally drawn to stories, and when you share the narrative behind your product, such as how it supports a cause or personally impacts you, customers become more emotionally invested. This connection encourages them to support your brand and increases demand. For example, Ife Agoro, the founder of Diary of a Naija Girl (DANG), uses her storytelling skills to create an Instagram community where women feel heard, seen, understood, and valued. By sharing both her own experiences and the stories of other women, she forges a deep emotional bond with her audience. This storytelling approach engages people and enhances their willingness to purchase her products and participate in her events.
Consistency
Consistency in delivering value, maintaining quality and engaging with customers is crucial for building and sustaining demand. It helps to build trust, enhance brand reputation and ensure that customers have a positive and predictable experience with your product or service. Beyoncé exemplifies this with her consistently high-quality live performances. Her elaborate stage designs and powerful vocals set a standard that fans expect and appreciate, ensuring that her concerts are consistently in high demand and frequently sell out.
Also note that consistency in marketing, whether through social media, email marketing, news publications or content creation, keeps your brand at the forefront of your audience’s mind. Over time, this constant presence increases brand awareness and attracts new clients.
Moving from undersubscribed to overbooked requires a comprehensive approach that addresses demand generation, brand loyalty, supply management, and effective communication. In Nigeria’s tough economic climate, it become more important to leverage strategies to overcome challenges and drive success.
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Feature Image by Christina Morillo for Pexels
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