Turning free into fortune

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Read on for ways to increase traffic flow, and potentially, your bottom line.

Most people get into business because they want to make money.  Yes, there are those who love their jobs enough that their reward of self accomplishment is their ever-lasting ambition. But at the end of the day, self accomplishment doesn’t pay the electricity bill!

It is by no means a mystery that driving a larger amount of traffic to your site results in an increase in sales (along with a well copywritten landing page of course). But the ongoing struggle in every business is how to increase that traffic flow to your store or online business.

Here is a way to increase that traffic flow, and potentially increase your bottom line.

Create a service, whether online or within your business that you provide completely free.

Now I am not referring to your main service. If you sold that for free then you wouldn’t be in business for very long. But instead, implement free services within your site or business that draws otherwise lost customers to your front door.

For example, a guitar shop having free guitar lessons. Or an online website design company posting exclusive information on the hottest new websites.

Here are some tips into successfully implementing this process.

Stress the value behind your free service
While potential customers drool over any sort of free service, many times people associate free with less important. It is important to establish credibility and make sure your customers understand the importance behind your service.

Make sure it is relevant to your overall company goal
A ski shop should not be lending out free singing lessons.  This will not only confuse your customers, but you also will start to receive the wrong types of customers. The idea behind the free service is to bring a transition into other products or services you offer for a price.

Though it is free, still hold quality
This is the most crucial time to provide quality in your work. For many of your customers, this will be like a trail or test run for your business. The more useful your product or service becomes to them, the more your customer loyalty will grow.

Establish boundaries
Create a free service that provides only a step to a much larger process. Giving away too much for free will cause a loss in potential profit. Make sure you establish something that is cost efficient and drives returning customers. For example: A bank that converts your coins into cash. Only thing left to do with that money is put it into the bank!

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About David Polykoff

A Junior at Kutztown University in Pennsylvania, David is studying Marketing and Advertising. He is the incoming president of the American Advertising Federation and a VP of Fundraising for the American Marketing Association. His passion for marketing is fueled from his ingenuity and his success is driven from his audaciousness. Though young in the corporate world, David's desire for new experiences and enthusiasm is viewed as a unique asset, and has given him an edge.

5 thoughts on “Turning free into fortune

  1. Howard

    Dave, great article and well written. I will be sure to use your advice.

    Thnaks,
    Howard

  2. Jay

    What about providing a cheap or cheaper service rather than a free service? I completely understand how the free service could be a gateway to further revenue by getting the customer in the door. However, what concerns me is that potential clients will associate “free” with “cheap”. Although it’s a free guitar lesson, it’s only natural to believe the instructor will be a poor teacher, because… well… he’s doing it for free, thus mitigating the value of the free service and its purpose. However, if you shape it under the guise of 75% off guitar lessons for buying a guitar from our company, clients may value the instructor (because usually he charges a 100% fee) and cause them to believe they’re getting a deal. In addition to earning the clients business, you’re increasing your profits from a guitar, to a guitar + lessons. Just food for thought! Nice article, well thought out plan.

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