The power of a freebie in B2B Marketing
The freebie philosophy has been a widely used marketing tool for many years. Its primary objective is to encourage the sale of a larger ticketed item. Freebie marketing can come in a variety of forms, from your local bakery offering samples of baked goods, an ebook, or a high-quality promotional product such as custom socks. Although giving away free stuff might not sound like a sensible business strategy, it can have its rewards. The conversion rate after sampling has been reported to be up to 60%. Freebies can help your audience realise they have a need, desire or problem that can be solved by your product or service.
Why does it work?
Freebie marketing works because of the reciprocity phenomenon. The process of exchanging things with other people in order to gain mutual benefit is a powerful marketing technique. The principle of reciprocity describes the tendency of human nature to offer something after receiving something, an individual feels obligated to do something in return. For example, a salesperson giving a pair of high-quality custom socks to a potential customer, in the hope it will lead them to return the favour by converting.
What objectives does it meet?
Freebie marketing is useful for a variety of objectives:
- It introduces your products/services to new audiences that are unfamiliar with your brand.
- It fosters a relationship with new customers and inspires loyalty with existing customers.
- It increases your customer’s knowledge about the products/services you offer.
- It encourages repeat conversions.
The Most Important Thing To Remember!
Similarly to the rest of your marketing, giving out a freebie or a sample directly impacts the image of your brand. Freebies do not necessarily have to be a complementary product. If you are looking to cultivate a reputation of quality and uniqueness while standing out from the crowd, high quality branded promotional products are a good way to run your freebie marketing. Providing a high quality and unique promotional product will align your brand with quality.
Let’s Wrap This Up
Due to the reciprocity phenomenon, freebie marketing is a powerful tool to use within your overall marketing strategy. While nothing happens overnight, and building business relationships takes time, freebie marketing can accelerate this process. If you’re looking to increase conversions or foster and build relationships, consider incorporating a high quality and unique promotional product into your marketing strategy.
Discover what Swanky Socks can do for your brand here.