If you want to make more money then start giving away your products for free. A bit contradictory, right? Actually, it’s not. Check out the 5 top reasons below how giving away freebies can help you increase your profit in the long run.
1. It’s a way to bring in new customers. When something is labeled as FREE, it becomes irresistible to potential customers. This is a great way to get the attention of people, especially those who are still unfamiliar with your products.
2. It’s your “thank you” to existing customer. Giving freebies every now and then can be your way of saying thank you to loyal customer, which is a good customer-retention strategy.
3. It helps build your network. When you give something for free, it helps strengthen the relationship with your existing customer and open opportunities for new relationships to develop.
4. It makes people trust your brand. Customers are usually skeptical about buying new products or trying out new services. But if you have a free trial version, it gives them a first hand-experience of your product or service without requiring them to purchase it first. This makes them trust your brand.
5. It gets people talking. If you want people to talk about your business, try giving our free stuff. “Free” is always good news and there’s nothing more people want than to share than good news!
Giving away products or services for free may seem like a not-so-smart business move, but when you know when and how to employ this strategy (will be discussed in the next article), you’ll soon be turning the “frees” to “fees”.