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#54 – Use The Power of Free

By Admin | Jerry's Notes

Jul 13

Who wants free products?

Everybody!

That’s why many marketing books were written solely on the concept of giving away free products and services.

One of the books, Predictably Irrational, describes a series of simple experiments that offered chocolates – at a variety of prices.

The first experiment offered people a truffle for 15 cents (about half its actual cost) or a kiss for 1 cent.

Nearly 3 out of 4 chose the truffle, which seems logical enough based on the relative value of the offers.

The next experiment reduced the price of each product by 1 cent – the truffle was offered at 14 cents, and the kiss was free.

And guess what?

Although the price difference is still 0.14c, the behavior of the subjects changed dramatically…

More than two thirds chose the free chocolate kiss over the bargain-priced truffle!

Recently, we gave out “Back-to-School Kits” with free calculator, bond paper and a notebook put inside an ecobag with our branding, to our customers.

Undeniably, it’s one of the most effective promotions we had recently.

So, how are you using “FREE” in your marketing programs to attract more sales and customers for your business?

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