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Freebies: Kicking the Cheapskate Habit

Discussion in 'General Marketing' started by generalchosen, Aug 24, 2015.

  1. #1
    What’s the magic word in marketing? Yeah, that’s right… FREE! It’s the basic foundation of Marketing 101. That four-letter word captures attention, and spells success.
    SEMrush
    Now for the big question, “Are you implementing it?” Nope, those old clearance items that you haven’t been able to get rid of for the past decade don’t count. I’m talking about the real deal… something that’s worth something just being given away, no strings attached and no hidden costs.

    Chances are that you’re probably just like the rest of us, and are afraid to really give something away. Heck, it costs a LOT of money to just throw products out the window to everyone who looks your way. We know how many people are out there like leaches, just looking for a handout, right?

    Maybe… then again, maybe we cut ourselves out of a big bunch of profit by being cheapskates. That’s right, cheapskates!

    Think about this. How can you effectively describe the taste of a crisp salad with all the trimmings, and a hot steaming turkey sandwich? Aren’t there a dozen restaurants that serve the same menu?

    Would a restaurant owner be a fool to give away 1000 FREE lunches instead of trying to say in words when the tantalizing aroma, succulent tastes, and tasteful appearance can do convince in a way no words could ever? Sure, it might cost $5000, but how much higher would conversion rates be?

    It sure doesn’t take long to rack up a $5000 dollar advertising bill with local TV and radio stations, or the newspaper. Will they net as many converted consumers?

    Maybe you’re not into the food industry, but there is something you can give away that will have the same affect. Maybe it’s a free informational seminar, a free oil change, a free subscription, or a free haircut.

    The key is to get them in the door, and wow them with the best you’ve got to offer. Believe me, consumers know when they’ve been handed cast-offs and when they’ve been wined and dined like royalty. You judge… which is more effective?

    Most of us have come to expect the hidden agendas of giveaways. When we accept a gift, we’re looking for the “catch.” It’s a pleasant surprise to come across the “real deal.” We’re taken aback. We scratch our heads and wonder, but deep inside there’s a warm fuzzy that sticks around. We remember genuine generosity!

    The next time you’re looking for a way to increase revenue, and are tempted to take the cheap way out, curb the urge. Go all out and treat your customers to an old-fashioned, honest-to-goodness FREE gift. See what happens!

    Hey, I didn’t say it would be easy or that it wouldn’t take guts! Just remember that sometimes the biggest risks pay off big, and that risk takers often come out on top. Go the extra mile, and stand out above the competition… even if it scares you a little bit.
     
    generalchosen, Aug 24, 2015 IP
    SEMrush
  2. Slincon

    Slincon Well-Known Member

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    #2
    Good point, but there's really no such thing as free - even in the consumer's mind. Taking a paid product and giving it for free can have an adverse effect on future sales of the product. It can create the image that the product has no value.

    For example, there was a paid membership newspaper that decided to give their newspaper for free. After doing that they found all their members left and no one wanted the paper, because overnight the paper had devalued it's product. By taking a paid product and offering it for free, consumers simply didn't see the value even if it once cost a monthly fee. Another example is Members Only - it started as a premium brand, and then they lowered the price and started selling it in Zellers and department stores, and it hurt the brand to the point that people abandoned it - regardless of how good a saving or deal they could have.

    Be weary of free or discounted price (when it comes to free products), the world has a negative connotation as the term is readily abused and people are weary. Free as in free services are still worthwhile (and have given rise to an entire model - freemium, for better or worse).
     
    Slincon, Aug 25, 2015 IP
  3. generalchosen

    generalchosen Greenhorn

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    #3
    Thanks for sharing your input!
     
    generalchosen, Aug 25, 2015 IP