Can Your Business Afford to Give Away Freebies?

Giving away freebies or offering free trials to customers can be used to leverage business growth. But is this strategy applicable to your business? Can you afford to give your products or services for free? 

Here are some of the things you should consider before deciding to give away stuff for free:

• Whether you’re financially capable
  

Sometimes employing this strategy won’t make you instant sales or profits; it may take weeks before you see positive results coming out of it. This means that you should have a steady flow of income coming in while you run this freebies campaign.

If you’re not financially stable or you can’t stay financially healthy while running this campaign, you should not do it at all.

• Whether you get something of value in return
  

 Giving away thousands of dollars to sponsor an event allows you to get your brand in front of your target audience. Giving a free eBook allows you to get the contact emails of prospects. 

You’re giving out something of value, so you should be able to get something of value in return.

• Whether it’ll raise brand awareness
  

Sponsorships, freebies, free product trials, they’re all investments. So before you say yes to that next sponsorship request make sure that the event can get your brand in front of the right set of audience. 

• Whether it’ll be able to help others
  

If your freebies can help someone in need or if your sponsorship can help support a cause you believe in, and you’re financially capable to do it, then by all means, do it.

Over to you..

What do you think? Is it wise to give away free stuff? Was there ever a time when you give away free stuff and you didn’t get the result you wanted? We’d like to hear you story. Please comment below.