Did you know you can give away free stuff and make money? Yes, it is possible to make money giving away free stuff. Many businesses make money from giving away free products and you too can. For instance, you might have come across a salesman telling you to buy two items and get one free. When you buy, he makes a profit and also gets a chance to promote his business. Giving away free products is a great way to hit two birds with one stone; make a profit and promote your business.
Make Money by Giving Away Free Stuff
Wondering how to make money giving away free stuff? The following are some excellent ways to do it.
1. Offer Discounts and Coupons and Increase Sales
You can make money by giving away free products by offering discounts and coupons. When you offer discounts like holiday discounts, you encourage potential customers to buy from your business. Besides, coupons like buy two get one free encourage people to buy in large quantities.
Many businesses offer vouchers to their customers when they participate or buy from them. This encourages many people to buy from you to win the voucher. Businesses make higher profits from sales when people shop from your business in large numbers to win a voucher.
2. Promote Your Business with Free Trials and Samples
One of the best ways to make money giving away free products is by giving your customers free trials. Free samples are beneficial to businesses in that they are a way of marketing. This way, potential customers can get to know about your business and the products you are selling. When customers are in need of such products and services, next time they will buy from you.
Consequently, businesses make profits from customer purchases. Besides, customers learn to like your business, its products, and its services. In the end, you get loyal customers that can tell their friends about your business and its products.
3. Offer Free Information through a Blog and Increase Web Traffic
The other way you can give away free stuff and make money is through a blog. If you are selling a product or service, you can offer free information about it through a blog. In return, people who read the information are likely to buy the product or service from you.
It is a common strategy used by companies to increase sales. Companies offer free information and comparison services to help customers decide products to buy. For instance, many online banks provide free information on their websites.
For example, they can offer information on how to open a bank account online. These banks provide you with a list of banks that offer the service. They will then list themselves as one of the banks offering online account opening services. When customers look for solutions online on how to open a bank account online and land on the blog, they are most likely to open an account with that particular bank.
4. Give Free Newsletters and Increase Conversion Rate
If you have a blog that you use to sell products or services online, you can give away free newsletters. You can keep your web visitors coming back to your blog by offering them free newsletters. You can email newsletters to customers that have signed up. Then place links in the newsletter that will direct visitors to your website.
If you have a new product or service on the website, your customers will get to learn about it from the newsletter and most likely buy it if they are in need of it. It is an excellent way to increase sales and boost your business revenues. Email marketing is a common marketing strategy used by many businesses.
Read also: Why do rich people give away free stuff?
Summary of How to Make Money Giving Away Free Stuff
The above are some of the ways to make money by giving away free stuff. It is a common practice used by many businesses to make money. They give away free stuff to promote their brand. Consequently, potential customers get to know about a business and start to make purchases from the business. In the end, the business ends up making business revenues.