Thursday 08 May, 2014

The Power of Free Stuff

The absolute best thing you can do for your business is to give stuff away free. I know it sounds counterintuitive – after all, you want to sell things. Giving away freebies to your customers is an expense that you don’t recoup (at least not for a while), but freebies work like magic.

 

Think about your local grocery store. They’ve got free samples to give away and of course you take advantage of that. You gobble up goodies you otherwise wouldn’t have tried and you probably end up making a purchase you didn’t plan on making.

The exact same principle applies with your business. Potential customers may not even realize the goods you’re offering. When you offer a free sample, they take it (because it’s free!) and they end up discovering the benefits your products offer.

Get Them Hooked

Your free sample shows your customers the quality of your products. When you offer something really valuable that they need, they become hooked. For example, let’s say that you offer a virtual assistant service. When you approach new clients, you offer them four hours of free work. In those four hours, you wow them with the good work you do and then they realize you’re indispensable.

Your freebie is also a nice gift. It can be what entices website visitors to sign up for your list or it can be a ‘thank you’ for their continued support. Free stuff is wonderful for relationship building.

Give More than the Competition

Another reason to give away free stuff is that your competition probably isn’t doing it. If they are, you can one-up them with your high quality offering. If one company’s offering free goods and the other isn’t, which company do you think your customers are going to go with? People actually look for services that offer freebies to try out.

People Tell People

 The best thing that can possibly happen for your business is for one of your freebie recipients to gush to all of their friends about the cool stuff you’re giving away. This is the classic word-of-mouth and it works incredibly well to get you exposure. It’s the best advertising you could possibly hope for.

Freebies that Don’t Break the Bank

Your freebie can be made at minimal cost to you. For example, give them some exclusive web content or an information product that helps them solve their problems. All it takes is an investment of your time producing it. Or give them a discount on your goods or services. You take a little bit of loss on the profit, but who cares. It’s well worth it to create a thankful customer base.

A great way to profit and reach new customers is to work out a joint venture with a similar business. Find somebody that offers something your audience would like and team up with them. This gets you exposure to their customers at no cost to you.

Sure, there are always going to be people who don’t buy. They’ll take the freebie and run. The key is to not worry about them. Consider them lucky and write it off. You’ll have enough leads that do turn into customers that you won’t have to worry about the ones that don’t.

Bob Steele

Bob Steele

Bob Steele is an entrepreneur, software developer, marketer, and author living in the Denver metropolitan area. He’s an avid outdoorsman who loves skiing, hiking, fishing, boating, and just plain having fun. His interests include games, space, technology, physics, cooking (well eating actually), economics, business, internationalism, and team sports. With over thirty years of professional consulting experience, Bob has been exposed to many diverse business models and has gained a sensible approach to life. Bob’s company, WaveCentric is focused on commerce, marketing, and entertainment related products.

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