Why The Word Free Should Definitely Become Part Of Your Long Term Marketing Plan!
Entrepreneur other than your fabulous free lead generating give away, does the word free fit into your long term marketing plan? It really should you know. Free can be a tremendous long and short term profit booster.
Forex: have you heard the radio ad that constantly runs, where the company running the ad, is offering a free (what a surprise!) 30 day supply of their weight loss product! In fact, they go as far to say they want to help a million people lose that unwanted weight! Now let’s have a closer look at that mission statement. First of all, let’s say they’re actually successful in giving away a million 30 day samples of their weight loss product.
For one thing, they’ve just added a million new potential customers to their database, right? And you can bet they’re are other extremely savvy entrepreneurs that are more than willing to (either) pay the weight loss company so much per lead!
Or they might do some type of joint venture and receive anywhere from 25-50% of the long term back end profits. And if the back end includes some type of paid monthly subscription fee! All the better!
BTW: wanna know how the ultimate insiders (so that means you!) instantly turn a million name (on or offline) database into 10,000 sales!
How And Why The Word Free Definitely Should Become A Strategic Part Of Your Long Term Marketing Plan!
Okay, you’re scratching your head with sarcasm and saying to yourself, “yea right!” But how quickly you’ve forgotten your basic Internet marketing principles 101! As you recall, typically whenever a first time subscriber joins your list and you or I, as extremely savvy marketers, hit them with one of our best market tested “OTO” (One Time Only) or upsell offers etc.
Typically, on average, about one to three percent (sometimes more!), but not too often. But on average about one percent (or one subscriber) out of every 100, will take advantage of some type of low initial front end product or service.
If you do the math, you’ll quickly realize that 10,000 is actually one percent of one million! Which means, on average as the weight loss company strategically goes about building their one million name database they should average one low cost front end offer sale, per every one hundred opt ins! How cool is that?
And now I’ll let you end on another (fabulous little secret!), currently yours truly has a self published 160 page hard cover workbook that targets a niche in the real estate investment area.
Here’s the short of it. The book teaches dedicated individuals how to find and qualify a debt instrument in the real estate field. And they fill out a worksheet that’s included in the text and fax the worksheet to my dedicated private investment institutions.
If the investment grade debt instrument meets the institutions requirement (which aren’t overly stringent!) The institution will finance the entire cost of buying and completing (meaning, legally closing) the transaction.
Free Really Can Pay The Rent!
(Don’t You Agree?)
The referral agent (that’s the person) that bought my book and wants to give this business a try part time to begin with! They get 50% of the spread and yours truly gets the other 50%!
But here’s the thing! The book currently retails for anywhere from $29 – $69 dollars! You get the lower price if you know where to go! But since the real big long term profit (for me) is in the actual back end transaction, that typically has a spread of $750-$1,500 dollars! That’ s typically what the bird dog affiliate and myself split! And the investors make their profit on the price they pay!
Anyway, if I (or you!!) pay close attention here! If either of us personally know one of the real estate gurus that currently tours the country and sells books, DVD’s, does boot camps and has other informational products or services for sale etc.
If they will guarantee (yours truly) in writing, 250,000 sales of the book! No matter how long it takes! They can keep 100% of the retail sales of the hard cover book! Say what?
Because on average about 2% of those 250,000 potential bird dogs, (or 5,000) transactions, (250,00 x .02% = 5,000) have a chance of actually being closed! And with a potential spread of anywhere from $750-$1,500 dollars each! Well, hopefully you get the idea!
Half of those 5,000 transactions per month! Can you say kaching! So needless to say! The strategic use of the word free, should definitely become a part of your long term marketing plan! Don’t you agree?
Please list at least two simple spin off concepts (in the comments section below) that you can apply to your business, product or service in the next 30 days or less!
As always, if you got any value out of this post, please Digg or tweet this. Thanks!
And be sure you grab your explosive free 22 step small business marketing idea kit series, because it will help you increase your profits by at least 25% in the next 90 days or less.
And help you master your effective communication in marketing skills.(No matter what your particular niche market is.)
It’s a $97 dollar value and it’s free!
Hi Mark,
you make a great point in your post and back it up with impressive numbers.
The try before you buy has been a great tool, even right down to the wine in the supermarket.
In regards to coaching it is good the have some no cost time, so both the client and the coach can find out if they are a match for working together.
Thank you so much for sharing you knowledge!
Cheers,
Yorinda
Yorinda Wanner recently posted…Understanding ourselves through Hand Analysis
You’re so welcome Yorinda!
And welcome back! Yea, you know by referring to my strategy as a “try before you buy” technique
is another really great way of not only looking at things, but expressing it as well!
And you’re right, that techniques does work so incredibly well. I too have noticed how local supermarkets
in my area have successfully used that proven strategy over the years as well.
Thanks for sharing such an extremely keen insight!
Mark,
as so many other articles before… you sure showed us what is best to do with the simple word “Free” how to use and so many details to market or products and programs in ways that not everyone could imagine.. I will call you a “marketing genius” 🙂 hope you do not mind.. you are giving us so many great marketing ideas.. you should get paid 🙂
Thank You so much in many ways… and much success to you always!
_nickc
nick catricala recently posted…Unbelievable, but true…
Nic you are simply way too awesome my friend!
And far too kindLOL! But your extremely kind words of encouragement
mean an awful lot my friend! They are much appreciated as always and so
is your continuous support!
I truly appreciate getting such a sincere compliment from a terrific fellow
member! All the best going forward my friend! Big thanks!
I think everyone loves the word, FREE. It can be a door opener that enables someone to sample your talent before investing in your paid products.
A creation of yours that is offered for free can help folks to “know, like, and trust” you. And that is the key to a long-term relationship.
Good post, thanks.
Mary Austin recently posted…Include A Call To Action In Your Video Or Blog Post For Best Results
You’re so welcome Mary!
And we both know and agree that when positioned and marketed correctly, the strategic
use of the word free can be a real long term game changer!
Thanks for stopping by and sharing your thoughts! I definitely appreciate it!
Hey Mark – as an author I totally get “Free” as a marketing strategy! I published my first book a couple of years ago and immediately jumped into Amazon’s KDP Select program. As an unknown entity I knew I needed to find a way to get my name out there and show readers that I could actually write. I still have an article that I clipped at the time that said first time authors are lucky if they make $200 their first year – or at all. I made $300 with that first sale because after the freebie was over people started buying. Granted that’s not a lot of money,but when you consider it was my first venture into publishing and what the “experts” predicted I was pretty darn excited. These days I am very strategic about using free – primarily as a lead in to something else. Even authors have sales funnels. 🙂
Marquita Herald recently posted…Stepping Stones: Doing Little Things Greatly
Awesome Marquita!
Your success right out of the gate only proved what every body already knew.
And that being, you were definitely a cut above!LOl! And you had the initial results to
prove it!
If more marketers understood that even breaking even on the front end can be a major long term
boost, if they apply battlefield tested marketing strategies!
Because their potential back end might be extremely lucrative!
As always, thanks for sharing your extremely valuable insights and for your
continuous support!
I definitely appreciate both!
You always seem to come up with innovative ideas, Mark. This article is no exception.
I think most online marketers are familiar with the front end offers of free products/services in exchange for someone subscribing to your list.
But that often results in lots of non-responsive subscribers who don’t do you any good.
You’ve shown us how “free” can be spun into truly valuable prospects and paying customers/clients.
Nice demonstration, Mark. Thanks.
David Merrill 101 recently posted…Techmare on Elm Street
Anytime Coach!
Coming from yo that’s truly a great compliment!
Yea, as you mentioned, most marketers can make a go of their front end, but
it’s their far too often neglected back end marketing opportunities that
they need to aggressively address!
Well, I guess that’s what keeps you and I in great demand!LOL!
Thanks as always for your extremely kind words and for
your continuous support!
I definitely appreciate both!
Hi Mark,
I agree that having free offers is a smart marketing strategy. The actual sales that don’t happen can pay off with the new exposure and may produce future sales. We can continue to build upon those relationships as we share ideas, post great content, and making connections on social media. The more you reach out, the more effective we will be at building and growing your fan base.
Like Erica, my experience has been that there are tons of people just looking to get something for nothing. Yes, I know that we lure in prospects that you can turn into long-term, faithful fans and I have a few clients that started out that way. I need a balance and your post gave me an idea.
Rachel Lavern recently posted…There is a Solution to All Problems
Awesome Rachel!
And I have no doubt that with your creative energy,you’ll definitely come
up with a winner!
But just so you know, going forward you can definitely turn the tables and start offering your future
freebies in exchange for them supplying you with those long term future bank account filling testimonials!
Just a thought. Anyway, thanks as always for sharing your thoughts
and for continuous support! Both are definitely appreciated!
Hey Mark,
The word “free” is for sure a must use for long term marketing plan. Truth is this – people will hardly buy from you if they have not really had a fair share of your present or past work.
In fact, let me say that free is what even make marketers rock their world from the onset. It’s so common people always click on a link especially when it reads: Download it for FREE!
Here is meant to be a selling point for any tactical, smart marketer. Pages like this always convert so what you will to do is use the free item to call them into your store, make sure the freebie is valuable and helpful such that it will persuade them to go premium with you.
Days are gone, when some marketers will say too much of free makes one a commoner, but that’s not true. It only becomes true when you do it without being smart about it.
So Mark is you ask me I will say for sure that the word “free” should be part of long term marketing plan.
Thanks for sharing this wonderful article. It was a question worth asking.
Have a wonderful weekend my friend, really was a great read!
BTW just coming here for the first time, and I am loving your blog Mark 🙂
~Jackson
Jackson Nwachukwu recently posted…5 Techniques Every Blogger Should Use to Execute Professional Email Marketing Campaigns
Awesome Jackson!
Thanks so much for that great compliment! And likewise to you my friend,
I very much enjoyed my initial visit to your blog.
We both agree that the strategic use of the word “free” is not
going away!
Thanks for stopping by and sharing your thoughts!
I definitely appreciate it! You’ll definitely see hanging around your blog
in the near future!
Hello Mark,
I do have to say that you have a great point with this post. I never really thought about doing something like that, but if you could get a very large quantity of your books sold then that would be mass advertisement. Even if you only got 1% or even .5% to convert to sales on the backend, that would be a very nice profit. Thank you for sharing and this will be something I consider in the future.
Kyle Holcomb recently posted…MLSP Review
Most definitely Kyle!
In fact just to take things as per my marketing example
a couple of steps further.
It would me than worth for me to let one of national Real Estate gurus sell
and give away as many f my books that they want.
Provided they guarantee that my company does the dropping shipping,that way
the contact info is obtained.
And if they guarantee in writing to give and sell and barter at least
250,000 or more of my books.
As you so astutely pointed out, a one -two percent conversion on the back end every month and let’s just say
there will probably be a new late cable TV Real estate/marketing guru on the scene!LOL!
If you know what I’m saying!LOL!
Thanks for stopping by and sharing thoughts! i totally appreciate it!
Yes,Free needs to be part of your marketing plan but strategically Free. If you just give a lot away for free, as I have done at times, then people just expect to continue to get your products for free. There has to be some bigger reason for giving the free product or service – or a limited time offer.
Just reading your examples provides food for thought and my mind is racing with ideas.
Warmly,
Dr. Erica
Dr. Erica Goodstone recently posted…10 Things Successful Business Practice Is … And Is Not
That’s awesome Dr. Erica!
And I for one truly can’t wait to see the types of
creative marketing ideas that you come up with!
I would bet (without doing) too much initial research that your
industry could be or rather quickly become a proverbial goldmine
for the right type of individuals that teach proven direct response
type (education based) edu-marketing techniques and strategies, tailored specifically
professionals of your type.
And since you’ve already don TV and radio and sort of get what those mediums want, you’ve got
a huge leg up and knowing “how to” direct others, who yet to get that level!
Thanks as always for your extremely kind words of inspiration and for your continuous support!
I definitely appreciate both!