Wednesday 25 September 2013

The value of free


Have you ever struggled to get take up of your free seminar, free quote, or free consultation?  Has it become that even in business that some of us are sceptical of a catch, or that we feel or think that free has little or no value?

Yet what truth does this have, as free is still being widely advertised - "come to our free event, have a free trial, take a free test drive" - so does it work, does it have value? As sometimes it may feel that we struggle to 'give "it" away for free'.

Free on its own carries little value - it's the experience associated with what is being offered that builds the desire to use or take for free.  If you've ever commuted into a mainline station in London you'll regularly see promoters handing out promotional giveaways of cosmetics, confectionary, magazines and drinks.  A swarm of people change their course, anxious to get this new product for free.

When it comes to an event, seminar or consultancy, the purpose of free is to attract interest from a range of people who you hope will attend, increase their curiosity about you, and hopefully do business with you. 

Some event organisers in an attempt to address the mind-set of 'free' may place a nominal charge to encourage attendance on the day, and contribute to the cost of refreshments.  This can really slim down the guest list particularly if this is a new event or trying to attract a new audience, though at least you can be mildly confident that someone will show up.

To achieve success we should consider who our likely respondents are, and what would be their motivation to engage with free. 
There are numerous ways we can provide added value - collaboration with other subject matter speakers that compliment your business and will be of interest to your audience, the venue, and 'take away' materials or plan - and if you are providing refreshments make sure the biscuits are of a good quality; or cake if you wish to get my attendance.

Thanks for reading - for free.

 

John is a Director of Vector Resources Limited and helps businesses increase sales and improve sales performance.  Find out more at www.vector-resources.co.uk

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