What is it that makes someone stop and pay attention to what you or your company has to say?
What are those triggers that, when activated, open someone’s mind to hear your message?
How can brokers and agents be persuaded to exchange their hard earned cash – or click that ‘pay pal’ button – and buy what you’re selling?
If you knew the answer to these questions, would you give it a try?
Most – if not all – of the world’s best copywriters and direct marketers claim that the word ‘FREE’ is magic. Free information, free videos, free webinars, free training… Free, Free, Free.
So, when Chris Anderson’s new book, Free: The Future of a Radical Price was released earlier this month, I ran to get hold of a copy. (Yes, I’m one of those folks that still prefer to read an actual book, as opposed to reading a digital version). I thoroughly enjoyed his first book, The Long Tail, so my expectations were high.
Chris explores the psychology of ‘Freeconomics’ and how companies can profit by giving things away. By Free, he refers to ‘no strings attached’ giveaways. Many real estate product and service providers have been designing free offers as part of their lead generation campaigns for years. This model, however, is not a ‘free trial’, or a BOGO (buy one get one free). It is a business strategy where ‘free’ means ‘free’ and profit is made by selling a related product or service.
Diving deeper into the psychology behind paying for things, Chris Anderson explains that in most cases, a dollar, a dime or even a penny “can stop the vast majority of consumers in their tracks.” While a single penny doesn’t really make any difference in our pocketbooks, charging anything causes us to contemplate the choice. To Chris’ point, it’s like our brains are “wired to raise a flag every time we’re confronted with a price” – the is it worth it? flag.
When a price is charged – any price at all – we are forced to ask ourselves if we really want to open our wallets. But if the price is zero, the flag never goes up. Free, then, is the emotional trigger. The hot button.
Free: The Future of a Radical Price looks at the various ways companies successfully take the ‘is it worth it?’ question off the table and make a profit at the same time. I have heard the following rationale for years: “If we don’t charge them, they won’t perceive the offering to have any real value.” Well, according to Chris, that theory is about to change for good. If you don’t believe me, take a look at the last section of the book – Fifty Business Models Built on Free. He may just make a believer out of you, too.
Feel “free” to check out Chris’ blog and review free digital versions of his new book.
