4 Ways Offering Freebies Can Boost Your Retail Business’ Bottom Line
All retail businesses exist to make money. Retail business marketing exists to help make that happen.
With this in mind then, the concept of launching a campaign to offer a freebie may seem like a strange idea. Why would a retail business – especially a smaller one – even consider devoting time and resources to giving away something that they could be charging for? And yet businesses large and small do it all the time.
There are in fact several good reasons that any retail business should consider offering their customers – both old and new – a freebie once in a while. Here are four of the most compelling.
Create a Positive Buzz
People love to get something for nothing. And if that something is a good something – in other words, if they are pleased with the freebie they get from your company – they will tell their friends, so that they can too.
In this day and age, they won’t just tell the friends they see in person either, the chances are good that they’ll post about it on social media, and, if your freebie appeals to the right folks, they might even write a review, article or blog post about it.
A freebie offer is a great way to create some invaluable positive buzz about your brand and benefit from some micro-influencer marketing.
Encourage People to Try Your Other Offerings
Offering something for free allows people to ‘test the waters’ with a company. If they enjoy making use of the freebie they received they are likely to at least give your other offerings a look or agree to pay for the free product in the future, having been able to determine for themselves that it is worth the money.
Build Your Email List
Even though other tools and tactics have come along in the world of business marketing that are newer and, some might say, more exciting, email remains one of the best ways to reach you customer base and build loyalty. Therefore, a good email list is still one of the best marketing assets a retail company can possess.
Actually getting people to sign up for your mailing list can be a challenge though, but by offering even a small freebie in exchange for that all important opt-in, the task of list building is often made far easier.
Encourage Customer Loyalty
Often a retail company will put a little twist on the concept of a simple freebie and create a customer loyalty scheme that rewards certain behaviors with a freebie of some kind. This is an old, old marketing technique but the reason it is still around is, well, because it works.
Offering a freebie after a certain number of paid purchases is the simplest way to do this for many, but there are a number of ways a customer loyalty program can be made to work, it will simply be a matter of deciding what’s right for your unique business.