Entrepreneurs are usually busy with the urgent, day-to-day operations of their business and not clear about what exactly they need to do to grow their businesses into a profitable enterprises. There have been several debates about free offers being ineffective and free offers being a great model for growing your business and increasing cash-flow. This article is geared towards the benefits of using the Free Business model to grow and generate cash-flow in your small business.
For years, giant corporations like Google and T-mobile as well as other large brands have utilized the Free Business model to generate billions of dollars for their companies and are still doing so today. Google for instance gives away their search engine services for free as well as their Gmail services and thousands of Google documents and resources all for free, yet Google is a multi-billion dollar corporation. Likewise, T-mobile is known for their free phone give-a-ways and their attractive special offers, like adding multiple lines for free to a family plan; all the while turning a significant profit for their company. As an entrepreneur, it is wise to take a look at some of these giants and model their free offer strategies and model them to grow your small business and increase cash flow.
As a product provider, giving sample products away is a simple and direct approach that a business owner could use to attract a large number of potential clients interested in trying your product. Service providers are usually selling their expertise, their "know-how" and could give away a free report that provides tremendous value on their topic of expertise to their target audience; a complimentary mini consultation and workshops are also great free high-value give-a-ways.
The goal of every business is to generate a profit and entrepreneurs who are sticking to the idea that you must attach a price to every offer is using limiting thinking and could stifle your potential to maximize your company’s profitability in this new economic climate. Consumers have gotten used to the surge of free downloads and test-driving products and services and are expecting more value for their dollars. To maximize your free offer, you should consider these three key elements:
1. Your free offer must demonstrate value
2. Your free offer helps you to maintain visibility among your prospects
3. Your free offer helps you build long-lasting relationships
Small businesses and giant brands all over the globe have employed the tried and true technique of the free offer as a marketing model to successfully grow their business and increase revenue. Now, you too can begin using it in your business today to build more relationships, quicker, with more people who are interested in your products and services. Here are a few additional things to consider and act on:
Where could you use the free business model in your business? What are your prospects and customers looking for that could really add value?
Make a short list of no more than 3 things related to your industry that you could give away for free to encourage prospects and clients to contact you to try your products or services.
Think through what come next; how you will then convert your prospects and clients who have tried your products or services into paying clients?
Need additional support? Schedule a FREE, complimentary 30 minute session with Michelle Christie by using this link to gain clarity and increase your company's visibility and communication with your ideal prospects.