Wednesday, May 18, 2005

Give It Away and Prosper

Jennifer Rice at "What's Your Brand Mantra" has a well thought out post on 'giveaways'. Take a moment to read her take on different types of Free Giveaways. Her Short Term, Long-Term and Industry Shake-up breakouts are spot on. How can these different strategies work for you?

I met a portrait and wedding photographer in a medium sized town who would always walk around the town at lunch time, saying hi to folks and giving out little business cards with a "free sitting with 5x7" on it. He would normally get about 20% response and would do them on slow studio days. Now, the sitting took a few minutes, and the 5x7 costs less than a dollar. Nearly everyone ordered additional prints. Average profit per 'free' sitting was well over $270. I should point out that the new people that he brought into the studio also brought weddings and family portraits and referrals. I met him in 2003, and he told me his gross in 2002 was 1.8M. Small studio in a small town with huge clientele. And he still walked around giving out 'free sittings'. Cool, huh?

I have musician/photographer friend who plays piano in a blues band. Last year he hired a studio and cut a CD with 14 piano solos, jazz influenced and fun. He got printed CD's and sent them out to all kinds of clubs and radio stations - and - his photography clients. It has been his most successful promotion ever. I am hoping to do an interview with him later this year when we are in the same city. While this may count more as a promotion than a 'giveaway', I still thought I would include it here.

iStockPhoto gives away a free image to all of its registered members every week. Free. Some of them are pretty cool and they sure keep folks coming back. iStockPhoto knows that the more people come, the better the chance they will become involved, or purchase.

I believe in the power of free. Do it within a well crafted story and you can make a huge difference in visibility, credibility and profit.
What's Your Brand Mantra?: "What can your business give away that will generate trial, buzz and purchases? What industry-accepted charges can you eliminate and turn into a competitive difference?"

No comments: