How to Generate Demand Using a Waitlist

Presentation by
Daniel Priestley | Founder | Dent
getsignals.ai
Daniel presented at the Demand Gen Summit Fall 2023, talking about how to generate demand using a waitlist. Starting with a waitlist launch, instead of immediately releasing a product, feature upgrade, event, or workshop, can be a strategic approach for businesses. When planning an event or training, introducing the wait-list before ticket sales can be an effective strategy to gauge interest and build anticipation. By launching waiting lists and communicating limitations on customer intake for the current year, businesses can create a tension between supply and demand, allowing potential buyers to signal their interest first before proceeding with sales. Managing a waiting list campaign can be streamlined using simple tools and templates, like those offered by the Score app, which are user-friendly and customizable with personal content and images, facilitating minimal-effort waitlist management. It's important to recognize that the distribution of profit hinges on the balance between supply and demand, reflecting the complex interplay between buyers and sellers. Businesses should focus on promoting waiting lists and signaling mechanisms, prioritizing the gathering of interest signals over immediate sales, to align with these market dynamics.
Quote
“By using a waitlist strategy, [Tesla] got a million signals of interest that allowed them to raise money... Most entrepreneurs do the opposite of this. They spend 3 years trying to build something, trying to create what the customer wants, only to discover that the customer has moved on, they’re no longer interested, or that they wanted it in a different color.”
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