You may be a school leaver. You may be a cubicle-escapee. You may be starting the very post-trend “side hustle”, or a freelancing venture. Whatever your situation, it’s all very exciting with a large element of fear and anxiety. Recently I heard an interview with a business owner who’s venture is turning over in excess of $60m a year, and another that has over 20 000 users. Independently they both admitted that in the face of these achievements they still had times of doubt, and “weren’t sure if this thing was going to work”. There is no doubt – business is tough, and holds up a mirror to our fears. No matter how well we are doing, there are always dry spells and doubters ready to give their unwelcomed opinions at many-a-turn. So, what about when we are starting out. How do we break through and start gaining traction with no track record? You could use the Freebie Exchange – it will leave you with more than what you think.
The Freebie Exchange
What!?! You want me to give stuff away!?! At the most vulnerable time in my business, with no resources and no income you want me to just hand over my blood, sweat, and tears!?!
Yes. Yes, I do. And, I’ll show you how you will be getting extraordinary value out of the Freebie Exchange, and much much more value than the test clients you will be engaging with.
The key here is that this is an exchange. Every transaction is an exchange. For an exchange to be successful, both parties must gain good value. The value for the consumer in this case is obvious. They will receive a free product (or service) which meets their needs. But what about for you? The value for you is actually multi-tiered. Here are your 5 ways to use the Freebie Exchange to catapult your business forward from the starting blocks:
- Pick the right customers. You will pick a limited amount of people which can vary in number depending on the nature of your business, but 10 is a good solid number to use for most small businesses. It is all about the quality of these 10 that is critical. They must fit into the description of your perfect customer. That means they share the same values as you, they have a need that suits your product to the letter, and they are a pleasure to deal with. Please don’t underestimate the value of this last point – servicing the right clientele will heavily influence the profile of your future clientele and it will be a big influencer on your happiness and health within your business down the line.
- You will gain feedback which will help you make the product better. These initial customers will need to provide you with key feedback. Consider these people your test bunnies. They will help you smooth out the product design, delivery, effectiveness, and you may end up doing some drastic changes to your product after going through this process. Then you will be ready to launch to the masses with confidence that you have your product spot on.
- You will gain research that will help you with your marketing. During the feedback process with these initial customers you will gain insights into the customer expectations, needs, experience, and overall perspective. The insight will be invaluable. There will be certain phrases and comments from these test bunnies that will end up being pure gold. This is where inspiration strikes and game changers appear.
- Word of mouth. Yere, yere, all businesses rely on word of mouth. I know this one… Well, the one thing that annoys me about business owners that say they get most of their clients from word of mouth is that they hardly do anything to accelerate the rate of client acquisition through this avenue. Your initial clients are getting the freebie. One of the exchanges is that if they are happy with what they get out of the product, they must tell the world about it. This could be a casual thing, but I highly recommend that you set up a link, or a coupon, or an offer that is easy for the test client to distribute to everyone they know that could benefit from your product. On top of this, be sure to let the test client know the market value of your product, and that they are in line for further freebies based on how many clients you gain through their recommendations.
- Re-sell through reciprocation. It is the worst kept secret in small business. Give value and attention to someone (without having a desperate air about your offer!) and they will feel indebted to you. So much so, that when you re-sell to them at the market price, there is a part of them that will buy because they feel that they owe you their loyalty. And, if they have gained good results through using your product, then why shouldn’t they? I have test clients of my own, that to this day are on-going loyal users of my service because we have built a great relationship, and they gain great results from my service. This is the ultimate reward from the Freebie exchange, and speaks volumes of what you’re doing and how you are delivering.
A key addition to this, is that you can discount instead of giving your product away whole. I mean, there is no harm in gaining a few bucks from your test clients… is there? Well, usually there is not, but be very careful to ensure your product is not devalued. A one-off freebie can instill value in a product more than a discount. Either way, it comes back to point number one – pick your test clients carefully. And be sure to communicate your offer and expectations to them clearly and specifically. Once you have agreement, you are on your way to building your empire.