Estimated reading time: 3 minutes
In a busy market, online or offline, getting people to notice your stuff is hard.
One trick that usually works like a charm is offering something for 'Free!' - The power of free!
It's hard to overlook the offer of FREE car engine oil checkups at petrol pumps, Spotify's FREE first-month subscription, or the irresistible BUY 1 GET 1 FREE on pizzas.
If any of these offers caught your eye, take a bow, you're a bona fide human who experienced 'The power of Free' 🙂
The Experiment by Dan Ariely:
Renowned behavioral economist Dan Ariely conducted an interesting experiment to decode the human love for FREE stuff and how power of free influence consumer behaviour
Dan gave people two choices: Fancy chocolate for 15 cents or regular chocolate for 1 cent. People were almost split in what they chose. But, when he made the fancy chocolate 14 cents and the regular chocolate for free, almost everyone picked the free chocolate!
What Did We Learn?
Free is Irresistible: People just can't resist the word 'free,' even if the other option might be a better deal. The word 'free' drastically changes people's choices with its magnetic pull.
Perceived Value: When something is free, people tend to overlook its actual value or quality, getting swept away by the fact that it's free.
Feel-Good Factor: Getting something for free brings a sense of satisfaction & happiness. A feel-good factor boosts the appeal of the free item, making the offer seem much cooler.
Growth Marketing Implications : Leveraging Power of Free
Free Trials and Samples
Giving away free trials or samples lets people try your product without any risk, and they might just like it enough to buy it
Buy One Get One Free (BOGO)
People love BOGO offers because it feels like they're getting a great deal.
Free Shipping
Offering free shipping makes buying stuff online easier and more tempting. Including ‘Free’ in Ads: Using the word 'Free' in ads grabs people's attention and gets them interested in what you're selling.
Free Trials and Samples: Giving away free trials or samples lets people try your product without any risk, and they might just like it enough to buy it.
Buy One Get One Free (BOGO) Offers: People love BOGO offers because it feels like they're getting a great deal.
Free Shipping: Offering free shipping makes buying stuff online easier and more tempting. Including ‘Free’ in Ads: Using the word 'Free' in ads grabs people's attention and gets them interested in what you're selling.
Examples: Many apps offer freemium (free version) with an option to buy a better version later. This way, more people try the app, and some of them decide to pay for the extra features. Online shops often have free shipping or BOGO offers to get people to buy more stuff.
Conclusion: The magical power of free is a cool trick to get people interested in what you're selling. By understanding why people love free stuff and using it in smart ways, you can get more people to notice your product and make your business grow even in a busy market.
Interested in more? Read about - 7 Steps to Define Your Product North Star
