Have you been faced with the decision of whether or not to give away free products yet? For small businesses, every dollar truly counts and it can be a challenge to decide on whether or not it’s smart to give out free products. While it brings in new customers, it’s expensive and not guaranteed to pay off. What are the benefits of giving away free products?
When you are approached by charities, groups or associations looking for handouts, consider offering your help to expand your client base and giving your reputation more credibility. Here is a look at the benefits of giveaways as well as tips to help you decide if they are beneficial for you:
What is the Motive Behind it?
Your return on investment is important when giving away free products or services. You should leave feeling satisfied with the decision to giveaway free products or services rather than to feel a weight on your shoulders at how much of a waste it was. Make sure you understand your motive behind the freebees. You need to be happy with the long-term outcome and do this at the right time to feel confident about the decision.
Ask yourself if your skills and experience will really benefit the cause that you are being asked to help with, and determine how much time you can invest in this area that will still help you achieve your personal goals. When you feel trapped or truly can’t decide what to do, it’s better to avoid making a commitment for now so that you don’t risk feel burdened by unfulfilled promises.
Play to your Strengths
Only give away free products or services if you feel that the cause will play to your strengths and interests. Think about your professional image and impression that you want people to have of you. If you sense a weakness in your networking skills, you may want to get coaching or training before you get involved.
Low Cost Outreach
If you plan to give out freebees, it’s important to make sure these items are at a low price point, yet they make a lasting impact. It’s hard to find the right marketing items to give you the most bang for your buck. Just remember that a simple giveaway is a great way to gain customer loyalty. Whether it’s a trade show or your store front, offering something simple for free is a great idea.
Brand recognition is extremely important for any business. If you can make your company stand out from the competition and become memorable, you’re in good shape. It’s important to stay current in your customer’s minds while also being relevant to potential customers. For this reason, having creative marketing is extremely important.
You should also offer promotional products to increase brand awareness. Whether it’s customizing an item that can be used on a daily basis with your logo or something unique that represents your company, it’s important that your name is physically getting out there.
Giving away free products of any kind gets people thinking about you. It’s a low cost marketing option and it builds customer loyalty. Who doesn’t love free stuff? Keep your company relevant by joining in on the free giveaways.