Why I’m not giving it away for FREE – and you shouldn’t either.
You’ve heard the phrase “you get what you pay for,” right? You’ve probably been on the receiving end of that, resulting in frustration and dissatisfaction. Now put yourself in your potential customers’ place – do you really want to risk your business on a “you get what you pay for” promotion?
Nancy Fox puts into example and practice why you should avoid the “FREE” trap. Here’s just one of them:
The trend to free is certainly not new. I remember “free” sticking it’s claws into my business back 15 years ago when I was in the women’s underwear business.
Originally, we offered a twice yearly sale at 20% off. Then people got numb to that so to maintain our numbers, we went to 25% off twice a year.
Then customers had to be enticed with Buy 2 Get 1 Free (or 33 1/3%) off. Now it’s Buy 2 Get 2 Free.
Without FREE, women stopped buying. This trend to FREE killed the department store business and forced manufacturing offshore.
Read the full article at LinkedIn.