Jan. 16, 2020

FFR 003 - Powerful Attraction Of FREE

FFR 003 - Powerful Attraction Of FREE

Probably the biggest challenge for the average online business owner is how to get more people through the door... and into their funnels.    Well, it’s all about offering the RIGHT bait and making it as attractive as possible for your...


  • Probably the biggest challenge for the average online business owner is how to get more people through the door... and into their funnels. 

 

  • Well, it’s all about offering the RIGHT bait and making it as attractive as possible for your target audience. 

 

  • Obviously, it’s no mystery that people love getting things for free... or zero cost... however it’s often underrated just how powerful a force a good free offer can be for your marketing

 

  • The classic case study to prove this point was revealed in Chapter 3 of Dan Ariely’s brilliant book, “Predictably Irrational”. 

 

  • In short, there was a study conducted where students (and also some children and adults) were offered a Lindt Truffle for 26 cents and also a Hershey’s Kiss for 1 cent.

 

  • The results showed that 40% went with the truffle and 40% with the Kiss. So it was pretty much equal at this price.

 

  • But then the price of both chocolates were dropped by just 1 cent (Truffle 25c and Kiss free), and suddenly 90% of participants opted for the free Kiss, despite the discount between the two being exactly the same.

 

  • Some further studies were also carried out that were just as fascinating. 

 

  • They also tried lowering the price from 2 cents to one cent (also a 1 cent discount) on the Kiss to see if they observed that same level of increase in demand in the Kiss... but interestingly they didn’t.

 

  • In another study they also tried seeing what would happen if they lowered the price from free to negative one cent, but incredibly that didn’t seem to make any difference either. 

 

  • The conclusion from this was that the amount of discount didn’t really matter... the fact was FREE was what really got people to take action 

 

  • However, with that said... this doesn’t mean you just slap anything up and offer it for free and the leads will flood in. 

 

  • One of the best ways to tap into the power of free... is a free plus shipping offer

 

  • If you are selling digital products then I would suggest offering your most attractive product for FREE... no matter how painful that might sound.