My favorite marketing strategy still to this date is giving away something for free. Not “freemium”… not a “trial”, but really, fully free. The key to this strategy is to think about the cost of marketing. If the cost of marketing is extremely low, you would be better off charging for your product or service. But as you know, marketing keeps getting more expensive over time. When you look at Google’s ad revenue over time, from 2013 to 2023, there hasn’t been one down year. So when ad costs are expensive, and it costs so much to acquire a customer… and much more than just giving away the software or product for free… you typically are better off just giving it away for free and considering it a marketing cost. You then monetize by selling something more expensive on the backend that is in a bigger TAM. We’ve done this at NP Digital. We give away many different software tools for free, and it’s how we generate more than 30,000 leads every month. When I say 30,000 plus leads, I am talking about full leads with a person's name, email, phone number, budget, revenue size, job title, and basic company information. Try giving away something for free. Many times, it is cheaper than spending money on marketing.
@neilpatel How do you add these images in between posts? I don't seem to be able to do it? It's always coming at the bottom and can't move the cursor below either? How?
@neilpatel Giving freebies only works if the company has a strong brand. If no-one knows who you are, no-one will want a freebie!
@neilpatel Absolutely! Freebies are a fantastic way to attract attention and build goodwill with customers.
@neilpatel Giving away something useful for free immediately makes your leads associate your brand with value. And that is effective marketing right there.
@neilpatel That's why Lead Magnets work so good. It's a complete solution to a small problem and completely free. Great advice
I remember reading about when Gillette had just started giving away their razors at dorms and apartment complexes back in college. Sure, the razors were free but a lot of us converted into becoming loyal lifelong customers for their overpriced blade refills. Great insights man!
@neilpatel Give away something for FREE Your least expensive Marketing
@neilpatel Some CFOs when you presents this as part of marketing, they will scream expense say "company won't afford this" but at same time want to increase revenue and customer base. Great Insight NP 👌
@neilpatel You know that free popcorn at the car dealership? Yeah that's marketing.