How much does FREE cost?

Marketing gurus and business owners are wrestling with the value of "free". What will free cost your business? Look around you, in fact, look right in front of you... your trusty computer. Why in the world would you buy an encyclopedia when you have the answer to any imaginable question right at your fingertips? Why pay for a newspaper subscription when you can access the same information online? Oh, how the world has changed.

In the world of blogging and web sites, newbies are encouraged and coached to give away as much as possible, holding back the one golden nugget that generates the revenue. We now give away our general knowledge in hopes of selling the application of that knowledge to your specific needs. Authors now provide the first chapter of many books online in hopes to reel you in for a sale. Does it work? Maybe.

What can brick and mortar businesses learn from this? Free has become the new discount. Retailers and professionals need to be creative to get customers to spend. Go Free!

Don't you love getting something for free? I do, for sure. I get my punch card punched for every cup of latte and oil change knowing I'm earning my freebie. I'm a very loyal (and very cheap) woman.

So what could your business do to go "Free"?

Some Tips on Free:

• Make it simple and easy
• Allow the customer to earn the free offer on their first visit
  
• Have it available to new and returning customers (never tick-off your current buyers)
  
• Birthday give aways are great!
• Build customers with "Bring a friend for free" promotions
  
• Give employees the authority to throw in a freebie, at their discretion
• If you ship items to customers, toss in a freebie, maybe some m&ms or a notepad
• Team up with a complementary business and exchange coupons for freebies
• Surprise a loyal customer with a no charge invoice on occasion. Just be sure to include the price then discount it back for a resulting "Balance Due: $0.00"
  
• Never insult their intelligence by offering something as free when it is universally understood that there won't be a charge. This is commonly done by financial planners offering a free initial consultation
• Remember that everyone loves a free car wash and free food!