Most people instantly hear new ideas in business and think that it won’t apply, and sometimes an idea in its current form won’t work.  But sometimes if an idea is modified or applied differently it will work.  So think with us right here and right now for just a quick second.

What if we told you that you could increase the demand for the service or product you offer while bringing in money hand over fist?  You would probably ask, “What can do such an amazing feat?”  Our answer?  A waiting list.

Now, this may seem counter intuitive.  After all, you want to make it easier for people to buy, right?  Well, not necessarily.  It is human nature for people to place higher value on those items that are harder to get to.  So sometimes by making your customers jump through the proverbial hoops you will increase the perceived value of what you have to offer.

As a business owner if you are in a competitive market it might be hard to create a waiting list at first glance.  After all, even if there is a lot of demand for your product or service there may be even more companies out there who are servicing that demand.  But if you can figure out how to increase the demand for the service or product that you specifically provide, you will greatly increase your sales.

So, by creating a waiting list of people who want to buy or invest in your business, or of people who want to a start a business that is modeled after you you will be able to create demand where it may not have been before.

Now, sure, due to the laws of supply and demand you may not be able to create a waiting list of people who want their AC unit fixed, or to get a mouse out of their kitchen.  But you might be able to create one of people who want to work for you or of people who want to replicate/franchise/buy/invest in your business or even of people who want a very specific product.

Remember, there is no value in the whole, “That won’t work for MY business!”  A waiting list shifts the laws of supply and demand to your side, so you have more power with the consumer.  As you end work today start thinking about how you can create a waiting list and increase demand in your business!

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{ 2 comments… read them below or add one }

Leanne HoaglandSmith August 12, 2011 at 10:39 am

Waiting lists are a great way to increase demand. The challenge is for crazy busy small business owners to create value that would create the desire to join the waiting list. Thanks for sharing your insight.

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Japheth Aaron December 28, 2011 at 2:19 am

Can you show me how to create a waiting list please.Some examples would do.
Cheers,
J Aaron

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