Marketers are facing a lot of challenges nowadays – perhaps more so than ever. It can be difficult to generate leads that allow the well of potential customers to be tapped into, particularly with the advent of GDPR meaning that people may be reluctant to share sensitive data. It is up to marketers to overcome this problem, since attracting new clients means that leads still need to be generated. So how can you go about this? The answer for your business may be Freebie Marketing. Although this sometimes requires first giving something away in order to find some potential new customers – well, the clue is in the name – don’t be put off. Sometimes you have to give a little to get a lot – and this saying couldn’t be more appropriate here to describe a marketing strategy that is now precious for many brands.
What is freebie marketing?
It’s always helpful to first define precisely what it is we’re talking about. Freebie marketing is any giveaway, low-price product or promotion that encourages the sale of another, more expensive product. This strategy may also be thought of as a loss-leading program, which is the sale of a product at a price below its market value. That sale itself loses money or makes no profit, but is offered in order to entice customers to buy more items. Loss leading falls under the umbrella of freebie marketing and is a popular strategy employed by supermarkets, for example, who know that people are likely to do more shopping once they have been lured into the store with a great offer. Since almost everybody responds to the word “free” – whether it be a free trial, buy-one-get-one-free or even just free shipping – freebie marketing is an approach used by many businesses to encourage sales and is an effective strategy for generating increased revenue.
What are the benefits of freebie marketing?
There are many advantages of making this part of your business strategy, with the ultimate aim being a greater revenue generated for your business through increased sales. Some of the less obvious plus points are listed below:
- Free things tend to market themselves. You shouldn’t need an extensive marketing campaign to give something away – just make sufficient announcements across various social media channels and if the offer is good then consumers will spread the word for you.
- It delivers value. The above point means a cheap marketing campaign, whilst in return you will benefit from a drive in traffic and increased revenue from the sale of more expensive products.
- Brand awareness will increase. Offering freebies can help to grow your fan base by connecting with a new audience and building relationships through the posts that you make about the promotion – and when a happy customer gets something for free they’ll be more than willing to tell their friends about it too.
- It is non-intrusive marketing. The customer will be coming to you to get the freebie or promotional item, so as long as you don’t ask for too much information beyond a name and e-mail address then they won’t be put off.
Why “free” really works?
As already mentioned, virtually every person reacts positively to the offer of a freebie. Let’s break down the reasons why in more detail:
- The psychology of reciprocity. When you as a business do something nice for the customer in offering a freebie, they may feel compelled to thank you back by making a purchase.
- Repeat custom. Not only may the consumer be encouraged to buy a product soon after receiving their free or promotional item, but awareness of the brand may lead them to keep coming back in the future. Offering freebies to existing customers can help foster brand loyalty even further.
- Helping the buyer decision process. Before a customer makes a purchase, they first have to realize that they need or want that something in order to solve a problem or satisfy a desire. Presenting freebies can offer a perfect solution at the right time or even make people want something they didn’t know they needed before!
What are some popular types of freebie content?
Any promotions or free products that you give away should be of actual value to people, otherwise they won’t be engaged by your brand and this strategy will fall at the first hurdle. The type of freebies will vary depending on your business and marketing goals, but here are some examples of what you can offer:
- eBooks and whitepapers. Easy to create and distribute whilst being (hopefully) useful to the reader, thus making them one of the most popular types of free content available online. The latter is targeted at a different market, in particular, B2B companies.
- Reports. A dossier of information presenting the latest stats and trends about specific products or industries. In this way, you are offering valuable data that you’ve collected and analyzed.
- eCourses. Free online tutorials about how to use a product or service that you offer. This allows you to give up your valuable time and knowledge to a customer.
- Infographics. If you are in the design business, offering free templates is a great way to showcase your skills and raise brand awareness at the same time.
- Free trials. Allowing the time-limited use or a restricted (incomplete) version of a product or service that you provide can encourage someone to buy it for the full price later, once they are confident that it meets their requirements.
How to create freebie content?
Creating freebie content yourself can also be…free of charge for your business. Of course, you can pay for preparing some professional materials by graphic designers for instance. However, there is sometimes no need for this. You can prepare a lot of promotional freebies yourself with a range of free tools available online, some examples of which are given below:
- if you would like to prepare a bunch of graphics, you don’t have to look through professional and paid services. Let some free tools work for you! How about a small infographic in Visme, or a series of social banners made in Canva?
- Canva and Google Slides are great tools for preparing eBooks as well. With just a few clicks and choosing inspiring themes or templates, you can easily fill pages with valuable content. Once ready, download them in PDF format, which is what we recommend – if you save them in PPTX, especially using non-standard fonts or images, they may display badly on some types of devices.
- If you are a little bored with Canva, try some different tools: Easil, Stencil or Crello are all readily at your disposal.
- Video content may seem, for many of us, to be really difficult to make and redistribute. However, we can and would be happy to prove that wrong! Try tools like Biteable, Lumen5 or Recast.studio to create stunning videos in a heartbeat.
Freebie marketing with PayByShare
You can implement freebie marketing tactics easily with PayByShare.io.
In exchange for social media posts, your audience can be granted access to any valuable freebies that you have created. With PayByShare.io you can configure a strategy in no time and analyze the results further after someone has made the desired action. You can track it all in a user-friendly and simple panel, then use this data in various ways. Identifying your leads can be easier than ever before, plus you get a chance to see what type of content performs the best. BEWARE: it’s highly addictive!