Free !!!

in #free6 years ago

Well, you must be curious, what's free? You must immediately scroll down if there is a link that gives free vouchers, free-ebook, or freeware? Not. I am not offering free products or services. I was sitting in one of the cafes in Bandung, enjoying my favorite black coffee and writing a blog using a free wi-fi internet connection. Absolutely free. Unlike in Jakarta, where most of the malls and cafes only provide wi-fi connections that have to pay, almost all malls in Bandung now have free wi-fi facilities. And I'm happy that it's free. Not only me, surely everyone is happy for free.

I was reminded of one of Chirs Anderson's Long Tail strategies that everyone would like free things. So the strategy of providing free can be very reliable to extend your long-tail. Like an ISP that provides free wi-fi that I am currently enjoying. Most of the income is obtained from home and corporate customers, but still wants to "bother" providing free wi-fi at malls. The direct result I felt was my increased awareness of the existence of the ISP. Not to mention the stability of the connection and the speed of the free wi-fi will make anyone think, if it's free, just like this, what about subscribing at home. Really a good strategy, especially wi-fi infrastructure is now relatively cheap.

One of the other interesting free offers I've seen is free Business Check-Up that is often given by ActionCoach at its seminars. Every business owner who wants to go forward will want to check-up the business conditions. Especially by famous coaches. Free again.

As a business owner, even though we are small, we can actually apply this free strategy. Of course with a variety of considerations, so that the free strategy can extend the tail, not even harm yourself. In terms of business owners, basically the free product itself can be allocated as one of the cost components. So that from the beginning it can be justified whether it will be profitable or not. But what is most important is actually what goals do you want to achieve through the free giving?

We can use 5 important areas in Brad Sugars' "Business Chassis" model, to map our free strategy: Lead Generation Improvement, Conversion Rate Increase, Number of Transactions Increase, Average Sale Increase, and Profit Margin Increase.

Lead generation.

Lead is your prospective customer. Anyone who comes to you or is interested in your product or service. You must increase Lead as much as possible. Free strategies you can use to increase Lead.

  • The simplest way is to give something free and when you introduce your product. This is what most people do. The disadvantage is, sometimes people like the free stuff, but instead quickly forget the product you offer.
  • A slightly advanced and commonly applied method in online business is, you can give something free, but before that prospective customers must fill in their personal data first. The prospective customer database collected can be used in Lead Generation, for example by regularly sending newsletters, product introductions etc.

Conversion Rate.

After the prospect arrives, the next task is to make them your customers, or in fact make a purchase. If you discipline to record how many leads and how many make a purchase, then you will have a Conversion Rate number. This can also be improved through a free strategy.

  • For example, certain products are free for purchase now. Free certain products for purchase on certain dates, etc. The main thing is to encourage Lead Take Decision to make purchases now.

###Number of Transactions.

Customers who make five purchases, of course the effect will be far different from only one purchase. Here the discipline of recording is once again very important. You must have data on how many transactions your customers make. So you can monitor how many transactions your customers make. We can also improve this through free strategies.

  • For example Hair cut five times free one time. Buy three free blankets one. etc.

Average Value Sale.

In addition to the large number of purchases, the most important thing is the average value of its own sales. The higher the average sales value, the better. Free strategies are also very effective in this regard.

  • Free certain products if the purchase value reaches a certain number. For example, free beautiful bags for purchasing clothes worth 1 million rupiah. etc. The point is to encourage or maximize the value of customer spending.

Profit Margin.

This is a bit challenging, how can it be possible to increase profit margins by providing free items. Apparently it can.

  • For example, increase the selling price of your product and add free items as a bonus. By giving a gimmick, a higher product value will not be a concern for the customer.

How to implement the free strategy above? Is it one by one or together? The answer certainly depends on the goal we want to achieve. And this is related to the testing and measurement results that we did before. If the testing and measurement results we identify that the lead generation needs to be improved, then we do the implementation of a free strategy for lead generation. Furthermore, after being applied, testing and measurement should be done in a certain time to see the improvement.

So, after understanding this free strategy, are you ready to give me a free program?

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Thanks for the post, akbar1.

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