🎙️ The Power of Free: How to Utilize Free Offers to Build Your Business
As entrepreneurs, we all want to grow our businesses and increase our revenue. But what if I told you that one of the most powerful tools in your marketing arsenal is something that doesn't cost anything at all? That's right, I'm talking about the power of free.
As the self-proclaimed "king of free," I've been utilizing this strategy for over 20 years, and it's been one of the biggest wins of my career. In this article, I'm going to share with you why I love free, how I've used it to build my business, and how you can deploy free in your own business to see big results.
🤴 The King of Free
Let's start with why I call myself the king of free. It's not just a catchy title, it's a strategy that has worked wonders for me over the years. I've always been good at bringing people in to get a sample, to get a taste of what I have to offer. And if I can deliver value to them, I know I can get them hooked.
But here's the thing, I don't just give away anything for free. I treat it as if it costs a lot of money. If I'm going to give away a free book, I make sure it's equivalent to or better than a book you would have paid for. If I'm going to give away a free class, I make sure it's equivalent to or better than something else you would have paid for. And if I'm going to give away a free virtual summit, I make sure it's better than something you would have paid for.
The key here is reciprocity. When you give someone something of value for free, they feel compelled to reciprocate. And that's where the magic happens.
💰 The Power of Free Trials
One of the most powerful ways I've used free in my business is through free trials. I used to charge $39 a month for my affiliate classroom course, and I was doing okay. But when I changed my offer to a $1 trial and $39 a month, my conversions shot up to 5%. That's double what I was getting before.
And here's the thing, even though 50% of the people who took the trial never rebilled, I still doubled the amount of customers I was bringing in. And I made no changes to my traffic, I just added an opt-in page and a dollar trial.
The lesson here is that free trials can be a powerful way to get people in the door and build reciprocity. And even if they don't rebill, they may still become a customer down the line.
🎉 The Expert Summit
Another example of how I've used free in my business is through the expert summit I hosted. I spent $80,000 to run this event for free, and it was one of the best decisions I've ever made.
By offering high value for free, I was able to build reciprocity with my target audience. And when it came time to sell something (in this case, a mastermind), 60% of the room bought in. That's a crazy number, and it solidified for me one more time that free really works.
📦 Deploying Free in Your Business
So how can you deploy free in your own business? The key is to think about what you can offer that's of high value to your target audience. It doesn't have to cost a lot of money, it just has to be something that they would be willing to pay for.
Maybe it's a free trial of your product or service. Maybe it's a free report or ebook. Maybe it's a free consultation or training. Whatever it is, make sure it's something that's of high value and that you treat it as if it costs a lot of money.
🤔 FAQ
**Q: Won't giving away my best stuff for free cannibalize my sales?**
A: No, it won't. In fact, it will likely increase your sales. When you give away something of high value for free, you build reciprocity with your target audience. And when it comes time to sell something, they'll be more likely to buy from you because they feel like they owe you something.
**Q: How can I make sure I'm not losing money by giving away free stuff?**
A: Treat your free offer as if it costs a lot of money. Make sure it's of high value and that you're delivering something that your target audience would be willing to pay for. And remember, the goal of your free offer is to build reciprocity and get people in the door. Even if they don't buy from you right away, they may become a customer down the line.
**Q: How can I make sure my free offer is better than something my target audience would have paid for?**
A: Do your research. Look at what your competitors are offering and make sure your free offer is better. Ask your target audience what they would be willing to pay for and deliver something that exceeds their expectations.
🎉 Highlights
- The power of free can be a game-changer for your business
- Free trials can be a powerful way to get people in the door and build reciprocity
- Offering high value for free can build reciprocity and lead to more sales down the line
- Treat your free offer as if it costs a lot of money and make sure it's of high value
- Do your research and make sure your free offer is better than something your target audience would have paid for
🌐 Resources
- [Onyx Podcast](https://onyxpodcast.com/)
