Yes. An F-bomb.
Drop one. Now.
But, before you go running off (at the mouth, page, or billboard), let me clarify.
Assuming your offering is on par with or better than your competitors', what's the one thing that keeps potential customers from buying your product or service? Fear. Of what? Of commitment to an unknown (i.e., you). Of not getting their needs met. Of making a mistake. Losing money. Losing face. The list is long.
So, what can you do to reduce that fear and gain trust, create rapport and, ultimately, develop a positive customer relationship? Let potential customers experience the value of working with you (or buying your product or service) without first having to give you a pint of blood. How? Drop that F-bomb: offer a portion of your product or service free.
I call this the Freequation, and it is the basis for all successful, mutually satisfying free transactions.
So you're probably wondering what this means for you. I can hear you saying, "What? Give away the store??" Well, yes. And no. Not the whole store.
Drop one. Now.
But, before you go running off (at the mouth, page, or billboard), let me clarify.
Assuming your offering is on par with or better than your competitors', what's the one thing that keeps potential customers from buying your product or service? Fear. Of what? Of commitment to an unknown (i.e., you). Of not getting their needs met. Of making a mistake. Losing money. Losing face. The list is long.
So, what can you do to reduce that fear and gain trust, create rapport and, ultimately, develop a positive customer relationship? Let potential customers experience the value of working with you (or buying your product or service) without first having to give you a pint of blood. How? Drop that F-bomb: offer a portion of your product or service free.
I call this the Freequation, and it is the basis for all successful, mutually satisfying free transactions.
So you're probably wondering what this means for you. I can hear you saying, "What? Give away the store??" Well, yes. And no. Not the whole store.
cont'd
How does that free lunch taste?
Though something-for-nothing may sound enticing, it's not really satisfying - to either party. According to renowned social psychologist and influence expert, Robert Cialdini, the Law of Reciprocity states roughly that we feel we must repay in kind what another person has provided us, regardless of whether we like them or not, even if the favor is uninvited. Depending on who employs it and how it is applied, this principle can serve as a good business practice that your potential customers will recognize as a generous demonstration of goodwill. That, in turn, begins to feed a continuous and reciprocal flow of generosity. What better footing to start your business relationship?
Free simply means there's no financial exchange. That isn't the same as an exchange of no value. Whatever you offer for free still needs to give real value to that would-be customer. And to make the offer worth your while, you need to receive something of value in return, too. The goal here is to enrich both parties in a meaningful way. This is no time to be tight-fisted; generosity pays back in spades. Take the Law of Reciprocation a step further: if the value you provide exceeds expectations, then what you ask for in exchange will likely be given without hesitation.
Depending on the size and nature of your business and your customers' needs, your free might be a downloadable e-book loaded with "how to's" for your DIY audience in exchange for customer demographic information. Perhaps a free 15-minute (or more) consultation in exchange for an opportunity to build rapport and develop a positive relationship. Or, depending where you are in your business growth, free might mean offering a product or service at no charge in exchange for a reference. Whatever your Freequation, keep in mind the balance of value on either side of the exchange. Free only works if both parties feel satisfied with the value each receives.
What are some value exchanges you might put into your own Freequation? Share them here!
How does that free lunch taste?
Though something-for-nothing may sound enticing, it's not really satisfying - to either party. According to renowned social psychologist and influence expert, Robert Cialdini, the Law of Reciprocity states roughly that we feel we must repay in kind what another person has provided us, regardless of whether we like them or not, even if the favor is uninvited. Depending on who employs it and how it is applied, this principle can serve as a good business practice that your potential customers will recognize as a generous demonstration of goodwill. That, in turn, begins to feed a continuous and reciprocal flow of generosity. What better footing to start your business relationship?
Free simply means there's no financial exchange. That isn't the same as an exchange of no value. Whatever you offer for free still needs to give real value to that would-be customer. And to make the offer worth your while, you need to receive something of value in return, too. The goal here is to enrich both parties in a meaningful way. This is no time to be tight-fisted; generosity pays back in spades. Take the Law of Reciprocation a step further: if the value you provide exceeds expectations, then what you ask for in exchange will likely be given without hesitation.
Depending on the size and nature of your business and your customers' needs, your free might be a downloadable e-book loaded with "how to's" for your DIY audience in exchange for customer demographic information. Perhaps a free 15-minute (or more) consultation in exchange for an opportunity to build rapport and develop a positive relationship. Or, depending where you are in your business growth, free might mean offering a product or service at no charge in exchange for a reference. Whatever your Freequation, keep in mind the balance of value on either side of the exchange. Free only works if both parties feel satisfied with the value each receives.
What are some value exchanges you might put into your own Freequation? Share them here!
RSS Feed