"What's the strangest advice you ever given a client?"
Someone posed this question to me a little while ago.
"Give it away for free," I answered.
And, of course, they looked at me like this 🤔 And so did my client.
But it WORKS.
What does it mean to "give it away for free" in marketing?
While it might sound like "something for nothing" it most certainly is NOT.
In the world of business (online or offline) nothing is ever really free. You might not ask for money in return for your "free" product, service, or advice but you are always asking for something.
A lot of the time, you're asking for an email address or some other way to get in touch with the person.
You're always asking for attention.
Attention is the goal. Exchange a good, service, or advice for the attention of someone in your target market. And, if you do it right, you have the potential to turn that attention into a sale.
Let's explore the HOW and the WHY of freebies as an important part of your online marketing plan.
Freebies build trust and positive relationships with customers
People aren't stupid. They know you're running a business and have something you want to sell in the end. But going above and beyond to give something without asking for anything in return shows that making the sale isn't the only thing that matters to you.
Giving things for free to prospects AND past customers helps to build a relationship - a sense of community. That is especially true when you offer free advice, help, how-to / guides.
You've built trust.You've showed that you care.You've begun building positive relationships that make people likely to come back for more AND to tell their friends about you.
Why freebies make people more likely to buy from you
The experience of trust and the positive relationships you build with your freebie offers is one reason why people may choose to buy what you're selling, but there's another reason that freebies turn prospects into sales: debt.
As humans, we have a natural need for balance. We can't handle things being out of balance.
This works well for you if you strike while the iron is hot - immediately after giving the freebie offer. A small percentage of people will take take your paid offer if you present it right after giving something free, simply to even the scales and relieve the feeling of being indebted to you.
But the journey doesn't end there. The more you reach out to them with helpful content through your mailing list, the more they will feel those scales tilt out of balance. And for people who didn't take your initial paid offer this will only happen faster.
When the right sale, promotion, product, or service drops into their inbox they will be MUCH more likely to make a purchase.
Freebies lead to higher revenue by creating more leads
You will not convert every lead into a sale.
According to Monday.com only an average of 10-15% of leads actually become sales. (And this varies depending on industry and marketing strategy).
So what do you need in order to make more sales? More leads.
OK, let's slow down for a second, because that isn't the ONLY way to make more sales. You can definitely improve your conversion rate far above the average if you're willing to test out different approaches.
BUT, math is math and there is no denying that more leads = more sales.
Freebies are a great way to generate massive amounts of leads when they are marketed the right way.
Examples of freebies that help generate leads and increase sales
So, how do you actually USE freebies in your marketing plan?
The actual freebie you offer will be different depending on your industry and where you make most of your sales. For example, a brick and mortar business can give out physical products and host free in-person events, but an online business can leverage lower cost options like e-books, guides, and email courses.
Stop stressing about where to start
🎉 Online Marketing Kickstart Checklist 🎉
The exact 10 steps I take with every single client.
Your first, most crucial 10 steps to setting up long-term online marketing strategies that convert leads on auto-pilot.
All while creating an excellent customer experience.
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