How to Compete with Free and WIN
Are you giving away a premium product for free?
It might be a GIANT mistake, regardless of what other people are doing.
Today I want to share 3 important reasons why this strategy is flawed for many marketers and product creators.
I actually spoke with email marketer Ben Settle about this very topic a few months ago.
Here’s a quick summary of today’s video:
- Just because our lovable Guru’s do something doesn’t mean it will work for your business
- The perceived value of free products is much lower
- Free increases the odds the material will never be read or acted on – because it’s “free”
- You devalue your product when you give it away for free
- Your audience starts to build an expectation of more free premium products in the future (maybe they won’t buy but instead wait for it to be given away)
- Does this strategy attract the type of subscriber you want? Freebie seekers vs. Buyers
- Instead of giving away your premium product, make a summary course and give that away instead
- If done correctly this summary course will product more sales of the premium product
- The summary course strategy gives you a platform to convert new subscribers into customers quickly – very important
You have better options available to build subscribers while also making sales. Options that won’t devalue your product or self as a result.
Plus you end up with a more responsive, happy and profitable list.
Sure it may be smaller, but I’ll take 500 passionate Lean Mean Marketing subscribers over 10,000 freebie seekers any day of the week.