Free. Few words in the English language ring with the same appeal as that alluring four letter word promising a good or service provided with no related out-of-pocket costs incurred by the recipient. Free items instantly appeal to basic human nature, automatically generating increased interest and awareness in any Michigan-based businesses looking to exploit that basic characteristic inherent in consumers across America.
Creating Excitement Over Your Brand
Business owners looking to gain a competitive advantage in the marketplace are employing these “free” concepts through freebie marketing – a popular marketing method utilizing a loss leader (free) giveaway item or promotion. The gifts may be great or small, but in any case the purpose is the same: shining the spotlight on the gift giver.
Examples abound across all industries where freebie marketing is concerned. A local auto dealer might opt to raffle off a new sport utility vehicle after prominently displaying the shiny new car in the center of a shopping mall food court; a spa owner promoting a massage therapist through an appearance at a public street festival might give away stress-relieving balls (emblazoned with the spa’s name, address and contact information) to passers-by; an accountant might attempt to drum up business during tax season by providing a courtesy review of the prospective client’s tax return from the previous year.
How Freebie Marketing Works
In each instance – illustrated by the dramatic difference in value between a stress ball costing pennies on the dollar and a state-of-the-art vehicle carrying an equally impressive price tag – the goal is the same: raising awareness in the minds of prospective consumers.
Giving away a good or service runs counter to the basic principles inherent in a business. Loss leader giveaways place an immediate negative mark in the books where profits are concerned, but the belief is that same giveaway will increase profitability in the long term.