Giving away products for free is one of those decisions that most companies or businesses are hesitant doing. Most think that they will suffer of a huge loss and less profit if they should go with a freemium plan.
How do you give out your product for free after all the time, effort and materials put into it? How will you cover the cost if no one buys it because it is for free?
Well here are a few ways to get a pocket load of cash once you give away your product for free.
#1. More Support
Who does not like a free product?
Giving your product for free is sure to gain you some support and loyalty which is particularly necessary when you are new to the market. Attract customers by giving away your products or services for free. Ensure that they do not suffer because they attained your product for free. Let them enjoy your product which will be enough reason to stay.
#2. Product popularity/ publicity
One question that affects the minds of consumers that see a product that they are interested in is: “Is this product worth the price?”
However, by offering your product for free, chances that you will have more people rushing for the kill. If satisfied, be sure that they will be prepared to buy any other of your products, despite the price. Your product will be able to reach a larger audience and give you more customers.
#3. Boosts Competition
There is no better way to beat your competitors than to have people craving for your product. Putting your product for free will allow consumers to enjoy the little they could and be convinced or prepared to get the paid version.
Free versions can allow you to explore basic offerings and puts you and your business on their A-Game.
#4. No room for refunds
Nothing could be more discouraging than to have a customer return your product, requesting a refund. With free giveaways, you would not have to face that issue. Consumers will have the choice of getting the product, using it and enjoying it or discarding it, without it affecting your sales or product positive popularity.
#5. Honest criticisms
Free users of your product are your surest way of getting feedback. They will be able to give an unbiased view of how your product and ways to better it.
The more people who use your product, the more feedback you will get on how to make it better. You will learn what people are willing to pay for, what they like and don’t like, which features they have trouble with and the kinds of features they wish you’d offer.
Free users help in realizing and meeting certain trends.
#6. Advertisement Avenue
Although offering the product is advertisement all on its own, free giveaways will aid in getting your other products out there.
You can use your free-trial software to showcase other products that consumers will be interested in. Killing two birds with one stone.