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Is It Really Necessary to Give Away Free Stuff to Grow Your Business?

Is It Really Necessary to Give Away Free Stuff to Grow Your Business?

Table of Contents

Full Video Training

Summary

Welcome to this video where I delve into the heated topic of giving away free content in the online marketing arena. Let’s face it, creating and sharing social media posts, blogs, podcasts, ebooks, and more can be a real challenge when trying to grow your business. But the question is, is it actually necessary? The answer may surprise you!

You see, the idea of offering something for free goes all the way back to the 14th century, and there’s a psychological reason behind it. Three key factors are at play here: Reciprocity, the Zero Price effect, and Trust. When we give something away for free, people are more likely to purchase from us in return, free items are perceived to have higher value, and trust is built through experiencing a business relationship with us before making a transaction.

I’m sure you’ve heard of the famous Chocolate Experiment where participants were given two options – Hershey Kisses for a penny each and high-quality chocolate for fifteen cents each. In the first scenario, 85% chose the more expensive, higher-quality chocolate, but in the second scenario, when Hershey Kisses were offered for free, 52% chose them instead! This shows the power of the word “free” and how it can evoke an emotional response leading to irrational decisions.

But, with an increasing number of free content out there, it’s crucial to stand out and make an impact with your free offerings.

My experience with a language school and an online business has taught me that offering free services, like ebooks, can increase visibility, entice potential customers, build trust, and help overcome objections. The key is understanding the cost of your time and finding a balance that works for you and your business.

So, whether you choose to offer freebies or low-ticket offers, the key to attracting leads in the online marketing space and converting them into loyal customers lies in understanding the power of giving.

Video Training Notes

In today’s online marketing space, there is a lot of pressure to create and offer free content to attract potential customers. But is it really necessary to grow a business?

Here’s a glance at what this video training addresses:

>> [04:25] I look into the history of giving away free things to generate business, going back to the 14th century.

>> [06:01] We look at the psychology behind why “free” works and introduce the zero price effect phenomenon with an interesting study conducted with chocolate.

>> [11:10] There is a growing trend of entrepreneurs offering free content and gifts to attract customers, but this approach is becoming oversaturated and losing value. Constant content creation is difficult for entrepreneurs.

>> [13:21] Their are four main objectives behind offering free content: visibility, enticing customers, building trust, and reducing barriers. The speaker explains that businesses need visibility to attract clients and that free content helps build trust and entice people to learn more about a business.

>> [21:35] How to bring in leads with low-ticket vs. free offers and the importance of visibility in both strategies.

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