Have you ever wondered about giving too much away for free? In the past, I would have said it’s impossible to give too much away for free. However, twelve years later, the industry has changed, we have changed, and the way we consume content has changed.
First let’s look at the data and what it says about freebies.
According to a survey by HubSpot, 60% of businesses that offer free trials as a part of their pricing strategy, acquire more customers.
The online world did not invent giving it away for free. One of the biggest companies in the world made me a lifelong fan using a simple challenge.
Remember the legendary “Pepsi Challenge” that kicked off in 1975 and made a comeback in 1985? It was a blind taste test to settle the debate→ which tastes better: Coke or Pepsi?
To tip the deck, Pepsi had the King Of Pop as their spokesperson.
Flashback to 1985, I was 8 years old, a huge Micheal Jackson fan and took the “Pepsi Challenge” at Newman’s grocery store in Sweetwater, TN.
Look how much I remember about that event that was 42 years ago and that freebie did not make just an impact on me but on our entire pop culture
Y’all are probably too young to remember, but this was called the “Cola Wars” and Billy Joel even sang about it in “We Didn’t Start the Fire.”
But hey, it’s not just Pepsi playing the freebies game. Cosmetic companies have been doing it for ages. You know, when you get a gift with purchase or even a sample to try a new product? 💄💅
Of course we all use ebooks, webinars, blog posts, and tools, providing free information that ranges from totally useless to extremely beneficial.
These freebies build brand awareness, increase visibility, and can create increased revenue.
Free can be a powerful strategy. However a customer recently told me there is a difference between being generous and over-generous and it’s a fine line balancing the two.
So what’s the down side of over-generosity?
Find out here on today’s ASTV as told by the “Most Over-Delivering Woman Online”