Give Something Away Of Value (And Monetize The Backend)
Everybody loves a
freebie! What do you currently sell, that is of value, that you could offer for
free? And how can you monetize the back end of that? This works especially well
if you can offer something that other businesses would normally charge for.
For example, if you have
a corporate cleaning business, you could offer your first clean free, and
follow up with your customer to see if they were happy with your service and
would like you to continue. This is a great way to get new clients to try your
service, as you’re taking all the risk out of it for them and, if you do a
great job, chances are they’ll want to keep you on. The principle of
reciprocity comes into play here too - you’ve given something of value to them
and chances are they’ll feel the urge to do the same back.
A twist on this model is
our “free plus shipping & handling” funnels, where we offer something for
free on the front-end as long as the customer covers a small s&h fee
(usually under $5). As long as they think the value is $20+, they’ll consider
this a steal and be inclined to jump on it, even if they normally wouldn’t buy
it right then and there. However, a necessity with this model is to make sure
that you have a great set of upsells and a good backend to really monetize it.
We typically have a continuity offer (like a membership or something along
those lines), a low to medium priced offer, and ideally a high-end offer in the
upsell path. The real money is made in the upsell path, as it’s hard to make a
lot off a free plus s&h offer. As an added bonus with this model, you also
get a lot of quality buyer leads (worth far more than non-buyer leads), without
often having to pay a lot in advertising costs to acquire them! This allows you
to market more offers to them in the future and make even more money off these
buyer leads.
Takeaway: Find something you can
give away, that has value, and then look at how you can monetize the back end.
Whether it is a sample of your service or a physical product, this works
especially well if it something that other people usually charge for.
This extract has been taken from my free book '50 Marketing Tips and Tricks' which you can download now
