The Power of FREE – an Experiment in Marketing: Part 2

Krispy Kreme gives you a FREE doughnut when you enter the store!

In Part 1, I was searching for a way to grow my Austin customer base but wasn't sure how to do it. I realized I needed a Hail-Mary pass, a lightning strike to score some points with the elusive Austin market. Now here's what I decided to do:

The word “FREE” popped into my mind like an idea bubble on a cartoon. What if I offered FREE press releases to entice more companies to test drive my PR and marketing services? It made a lot of sense. After all, I can churn out top-notch press releases the way a Krispy Kreme assembly line fries up doughy morsels of glazed goodness.

My experiment with FREE needed the right venue, too. There had to be enough companies plugged into the communication channel to yield several legitimate leads. That's why I selected Twitter and LinkedIn. I already have a following of Austin companies on Twitter. Plus, referencing Austin as “#Austin” would give my tweets extra mileage in the Twittersphere since anybody tracking “Austin” would see the offer. LinkedIn was a no-brainer. I belonged to a couple of Austin-based groups where I could post my FREE offer as a discussion for Austin companies and residents to see.

Virtual venues chosen, I set to work. First, I tweeted: “Free Press Release for Austin based company in exchange for testimonial!” Next I created a new discussion in one of the better Austin LinkedIn groups: Austin High-Tech.

Within the hour, I had my first interested response on Twitter. Let me add that I posted the offer OVER THE WEEKEND yet there was still a business owner highly motivated enough to engage me in a serious discussion. In the always-on world of Social Media, business never takes a minute off!

Another qualified prospect, a technology company on the verge of launching a new product, answered my LinkedIn posting. Cool thing is I knew neither of these two individuals prior to my free offer. I made sure to add them to my LinkedIn network and set them up as Twitter followers. I even made sure they knew to join The Sage Closer Facebook fan page. I covered all the requisite social media bases!

Right now, perhaps you’re thinking that two responses hardly constitute a landslide response to my free offer. You’re right. But remember I ran a very limited posting (3 different posts to be exact) over a weekend and yet still netted a couple very interested prospects. One of them has even made referrals to other Austin businesses that might be interested in my services. That’s a small but measurable victory for me.

What’s the Future of "FREE"?

I’m rolling out a more comprehensive strategy based on my free press release offer. I’ve developed a landing page to provide more information and began posting more tweets and LinkedIn group postings. My objective is to create enough buzz so that as many as 25 companies will sign up for a free press release.

Why FREE, you ask? Aren’t I devaluing the worth of my press releases by making the first one free? Won’t it create an expectation for free or discounted services in the future? I don’t think so. At any rate, it’s a calculated risk I’m willing to take in order to grow my business.

I strongly believe Free press releases will get me in front of more potential customers a whole lot faster than simply marketing my press release writing services for hire. Plus, some companies that otherwise might never have thought to do a press release now have an opportunity to try one risk-free. And if they like what a release can do for them, they’ll become repeat customers.

When you do the math, it makes sense. Say I get 25 prospects responding to my offer. That equates to 25 testimonials for my website, 25 recommendations on LinkedIn and 25 positive reviews on Yelp. It will also yield at least 25 new prospect referrals, which may in turn provide additional referrals. With a little luck (read consistent marketing) the cycle will continue on.

Finally, one fact about the Power of FREE is immutable. FREE strips away inhibition. FREE breaks down barriers. FREE rouses the reluctant.

Many prospects today are afraid to spend money to try a new service or a new service provider. Perhaps they’ve been burned in the past, or maybe their bank account leaves them with little room for experimentation. Many prospects would like to see their service partners put some skin in the game. By committing a free press release up front to prospects, I’m essentially saying I care enough to share your risk. Their risk becomes my risk, and their success in turn becomes my success.

This is my strategy for getting exposure to more companies in Austin, forging alliances with prospects and creating good karma that will one day translate into happy customers willing to give me new customer referrals.

Have you ever considered what the “Power of FREE” can do for your business? Do you offer the same old whitepaper or are you putting some real skin in the game? I'll bet you this: your once and future prospects are expecting you to ante up for their business!