SHOW NOTES:
You’ve probably heard of the principle of supply and demand. Wish you could figure out how to make everyone WANT what you’re selling? That’s what we’re diving into today.
Want to strike the perfect balance of limited supply and high demand.! In this episode, I’m sharing a story with you and some principles to create demand for your products now.
If your company is product based, I’m talking straight to you, mama. If you have a new product, a limited edition release, a sale, an incentive, or a special promotion, this is the perfect time to take a listen!
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Episode Transcript:
Speaker 1: (00:00)
And marketing strategies to increase the demand of your product so that you can sell more so that you can recruit more business builders and you can see your business grow. So if you are a work from home mama or have a network marketing business, you are in right place!
I am so glad that you’re hanging out with us here in March. So can you believe it’s March already? If you’re listening to the podcast close to the time that it came out, so it’s a brand new month. It’s a great time to set, go for what you want your month to look like we’re coming to the end of first quarter, which is super exciting. And for me and our family personally, March is a really big month. This is the birthday month of my oldest daughter. So next week she will be 10 years old, double digits. I can remember turning 10 and what a big deal my parents made about, you know, double digits and how I was just turning into a een. And it was a really big deal. So I’m hoping that we’re also gonna share that excitement with my daughter.
Speaker 1: (01:33)
She’s excited to be 10 and we’re excited to have a 10 year old, even though I’m not really sure where the 10 years went. So yeah, that’s what we’ll be so celebrating in March. And then of course, um, we had Easter coming up soon and just spring and the weather changing. There’s just a lot of excitement about a new season and about spring in particular, because it just brings about like new growth and new possibilities and all of those good things. So I’m super excited to have joining in with us this month. So today we are gonna be talking about supply and demand and the reason supply and demand is such a big deal in any business, but especially in your network marketing business is because demand is what’s gonna make people want to buy what you’re selling. Okay. And it is an art to be mastered the art of creating that perfect balance of supply and demand where people actually want what you’re selling and it makes the selling process a lot simpler.
Speaker 1: (02:37)
So I wanted to tell you guys a story about this, and it’s really the inspiration for this entire episode. What happened a couple of week, weeks ago? So we had Valentine’s day, of course. And, um, I don’t know if you guys love the candy hearts that come out on Valentine’s day with like the cute little notes, like thinking of you love you, my crush, all that stuff. Well, they’re like my favorite Valentine’s day candy. And that’s saying a lot because I am a complete Chol. And so I also love all the chocolate that’s out at Valentine’s day, but something about those candy hearts, like I’m just obsessed. And if you’ve noticed candy hearts have not been easy to find the last few years, apparently of the original ones, like the bros or whatever, um, weren’t made anymore. And so they went to like this sweet tart version and I just wasn’t feeling it.
Speaker 1: (03:30)
It wasn’t the same consistency. It wasn’t the same texture. And so for the last two Valentines, they have not been able to get the sweethearts that are like, actually the ones I really like. And so like, I craved them at Valentine’s day. I’m like, man, I wish I would’ve like bought a lot of them when they were available. Had I known that I couldn’t get them over the next couple of years I’ve stock up. Right. I have no idea how good or how long they’re good for, but anyways, that’s my favorite candy. The story that I wanna tell you. So it was probably the week before four Valentine’s day in, I walk into a Walgreens that’s really close to home and I see sweet tarts. Okay. And they’re the Bronx sweethearts and they don’t really look like the, um, like the ones that I’ve seen in the last couple years, they look like the real original, true sweet tars.
Speaker 1: (04:17)
And so I was like, you know what, I’m just getting get ’em. And if they’re the actual ones, I’m gonna be so excited. Right. So I went and I brought ’em and I got in the car and sure enough, you guys, I don’t know if they found them in a warehouse somewhere. I don’t know if they got a shipment in, I don’t know if Brock now went back to the original recipe and made ’em. I don’t know. I don’t care. I was so excited because they were exactly like, I remember they weren’t the ones that were like sweet tart ones. They were the real true chalky consistency. Like I was so excited. So I went back in and I bought all of them. Okay. So they had like one cardboard box with all the little boxes and I bought ’em all. And honestly, if they’d had 10 cardboard box is I would’ve been buying 10 cardboard boxes worth of these conversation hearts.
Speaker 1: (05:05)
Okay. Like I was so excited. Um, so the girls had some with me, my husband, I was like, look what I found. They’re like the original. And I bought all the ones that I could find on the aisle and I haven’t found anymore. I was so bummed out because I thought, well, this is the year that coming back. Right. But I haven’t found them anywhere else, but I definitely bought every single box that that store had. And if you’re sitting there right now and you’re like, Shelly, what does this have to do with anything? Let alone my business. Well, what hit me is I was sitting there in my car going, yes, this is the original, this is the sweet tart that I haven’t been able to get for two years. And I’m gonna go back in the store and buy every single box that is available.
Speaker 1: (05:49)
What hit me was like, this is the goal. Okay. This is the goal of you. And your business is to make your products, what you’re selling your business opportunity. So in demand that people are like, not only will I buy it, but I’ll buy as much as I can. And I don’t care how much it cost. I mean, literally they could have sold me these box of conversation hearts for $50 a box. And I would to paint it because I had missed ’em for two whole years. They’re my favorite candy. And now they’re back. Like it was a no-brainer for me. Okay. And I bought ’em as many as I could purchase that day and then kept looking for them afterwards. And isn’t that the goal, how would that change your business if people were that excited about something that you released, if they were that excited about a new product that you shared, if they were that excited about an incentive or promotion, maybe your company, you know, was doing like a flash sale and they were so excited, they were like, yes, definitely.
Speaker 1: (06:50)
I’ve been waiting for this opportunity, this perfect time to buy this. Right. Wouldn’t that change the dynamic in your business. Wouldn’t that change the dynamic of how you’re selling. And so I wanted to give you some practical tips about how you can do that, how you can really master this balance of the supply and demand. Okay. So here’s my first tip. Right? And all of this is really gonna apply to like limited time events, motions. If you have a special flavor of something, if you have a new product coming out in your line of products, if you have like a special incentive to sign up, to join your team at a certain time, like, that’s what I’m really talking about here. Okay. Because the first principle is that for there to be a healthy demand, then there has to be a more limited supply. Right?
Speaker 1: (07:39)
So anytime your company releases a special and incentive, a promo, a discount, a new flavor, a new item, that’s a great time to take advantage of the demand for that. Okay. But there’s a right way to do it. And then there’s a wrong way to do it. Okay. Here’s what I see a lot of people doing is, um, that’s when they’ll just blow up their social media, or if you have a Facebook group, that’s when you’ll be posting in your group constantly. So people may not have seen or heard about your products in a month. And then all of a sudden, they’re just inundated with like, by now, special flavor, new product dropping. And it’s like, oh my gosh, I just, this is coming out of nowhere. Right? What you really want to do is be creating demand for your products and for your business all along.
Speaker 1: (08:24)
So that when there is a special, there is a promotion, people are already familiar with the benefits. They’re already familiar with like the problem that you solve. They’re already familiar with how you can help them. And then this incentive is just like the spark that gets them to take action. Right? So you want to be consistently posting on your social media. You wanna be consistently talking about your products. Okay. You wanna be consistently talking about the benefits, how you help people, how your business serves you and serves other people so that it’s at the top of their mind. Okay. Because honestly, if they’ve never heard of your company, they’ve never heard of your products. And then all of a sudden there’s like a new flavor, a new incentive or something like they’re not gonna care. You know, they don’t know the benefit. They don’t know what’s in it for them.
Speaker 1: (09:13)
They haven’t seen it before. So it doesn’t matter what good incentive you have. It doesn’t matter how great of a deal it is. It doesn’t matter how fantastic your offer is. If they’ve never heard of it before, it takes time to build that trust and for people to buy. So if you haven’t already been doing that, then it’s gonna be really hard to really take advantage of and to reap the full benefit of whatever your incentive offer is. Okay. If you haven’t done the backend work and you haven’t been consistently talking about it, then you’re not gonna be able to take full advantage of your offer or promotion. So I just really want you to remember that, okay, some people are going to buy your products. Some people are going to buy from you because they know that you can help them with whatever they’re struggling with.
Speaker 1: (10:02)
Right. But some people are gonna buy when they see a good deal or when there’s an incentive, because the demand is all of a sudden through the roof. Okay. But they’re not gonna do that if they’ve never heard of your products. And if they have no one, um, previous information, they don’t know the benefits. Right. So don’t make that mistake that I see. A lot of times you wanna be consistently talking about the benefits even before there’s like this sudden demand, right? Because the truth in the matter is if I had walked in there and seen these conversation hearts and had never had conversation hearts, they weren’t my favorite at candy. I didn’t know what they were. And they hadn’t been gone for two years. And me searching for them for two Valentine’s days in a row. It didn’t matter. They could have been 50 cent and I wouldn’t have purchased them.
Speaker 1: (10:49)
Right. Because I didn’t know that I liked them and that I wanted ’em and that they only come around every now and then, and that they had haven’t been available. Right. That’s why the demand was so high and why I would’ve paid whatever they asked me for, for those candies. Right. And it’s the same way with your customers online in person, people on your email list, people in your Facebook group, it’s the same exact way. Okay. If they have no idea why your product is great, it’s not gonna matter that it’s on sale. It’s not gonna matter that there’s a new flavor. Okay. But it will, if they’ve already been introduced, maybe they’ve already been thinking about it and then demand is just bumped up. Okay. Or the supply is limited. Either thing can really boost sales and really move people towards taking action. So that’s one point that I really want you guys to take with you from this podcast is that you have to be consistent before a promotion before there’s a spike in demand before there’s a limited supply to really monetize that limited supply or that spike in demand.
Speaker 1: (11:58)
Okay. And it’s funny how life just gives us these analogies. And to me, that was the first thing that came to my mind when I was sitting there. So excited about these Valentine candies. And it was probably ridiculous, mean, I don’t know if anyone else gets excited about candy, but I definitely did, but that’s all I could think about was like, this is exactly the way we should be marketing our products. This is exactly the way people should feel about our products and business opportunity. When they see them, whether it’s a limited supply or a sudden demand, they should be like, yes, I’ll, I’ll pay you whatever. For this. I’m so excited that I’m able to purchase this. It completely shifts the energy in your sales and it will make a difference in your marketing overall and your business. Overall. I hope these tips have been helpful. And I will see you guys on the next episode until then jump into these successful network came mom’s Facebook group. It’s the free community of other moms growing network, marketing businesses, guys, we’re growing so fast in that group. And I think it’s awesome. Okay. There’s so many industries, so many different mamas in there. So many different products and types of businesses that are represented. So we’d love to have you come hang out with us in there if you’re not already a part of that group, but we’ll see you next time.
Speaker 3: (13:15)
You’ve been listening to the successful networking moms podcast. If you are ready to take action, start reaching your sales, recruitment, and income goals. Now then join us in the successful networking moms Facebook group. This free community offers support from me, plus the accountability of a thousand other networking moms, scaling their businesses, search on Facebook for successful networking moms, or check the show notes for the link to join.