entrepreneurs

Seven Proven Ways Extremely Savvy Entrepreneurs Make Really Big Money Giving Away Free Stuff!

So have you noticed “how” some of the savviest entrepreneurs, consistently make some really big money, even if they initially give away, some of their very best products, and or services for free!

It’s sort of like, when you’re grocery shopping, in one of your favorite grocery stores, and near the end of certain aisles, you will find some of the stores most personable associates, (typically) some very attractive young women, systematically offering, (samples) of both tasty types of meats and high calorie deserts as well.Any idea why?

Probably because, their extremely thorough market research, has indicated, for every X number of customers that try one of the free samples, Y number of them will make some sort of initial purchase.

And from there, a certain percentage of them will become long term repeat customers. Believe it not, that exact same formula, works for big ticket items as well.

Case in point, let’s take a look at one of the classic workhorse strategies, of the “how to” do blank industry. Some single or group of extremely savvy entrepreneurs, sponsors a free, 90 minute to two hour introductory workshop on the front end.

Only to end up with an extremely pricey $3,000 to $25,000 dollar price tag on the back end!Sound familiar?  It definitely should! So let’s peel back  few layers of the onion, to see just “how” many untapped profit centers, there are to be mined!

So What Are These Seven Proven Ways Extremely Savvy Entrepreneurs Make Really Big Money Giving Away Free Stuff?

Obviously, not all of you have had the privilege of speaking to a live audience yet. When or if you ever do, (my friend), the free 60 – 90 minute, “how to” introductory workshop format, is a proven way to (A.) Relatively inexpensively demonstrate you or your companies expertise. And (B.) Almost instantly create an extremely targeted, semi qualified list!

And that’s just for starters.So let’s take a much closer look at a bare bones minimum of seven, rarely tapped, (potential) profit centers, some of today’s extremely savviest entrepreneurs can and definitely should tap, whenever they host those free one on one on or offline, introductory “how to” workshops.

And BTW, in case you haven’t noticed, these free introductory workshops, cover the entire from “how to” make a fortune investing in penny stocks, investing in foreclosed real estate properties, or “how to” make a fortune in your spare time using ebay!

Or “how to” make a ton of money using the Internet or “how to” make a crazy fortune speculating in commodity futures contracts etc.Tons of entrepreneurial profit seekers, routinely jam pack hotel rooms, looking to discover the secrets!

So let’s suppose you or your company decides to adopt these mega proven marketing model. Are seven potential profit centers, that (far too often), get overlooked!

The Lead Generation Element Of Your Business Is A Multi Layered Profit Center Just Waiting To Happen!

 1.) Untapped profit center # one: First and foremost, be sure,  before, during or after your free introductory event, you hold some type of free drawing, in order to quickly build a semi qualified list!

That was easy enough, right? Be here’s phases two and three of that proven list building strategy!But my friend, the “free drawing” list building strategy, is far more versatile, then you might have originally given it credit for!

1.A.) If there is a fairly even split between men & women attendees, be sure you offer a grand prize, for one male & one female attendee!

1.B.) Next, you can and must do some type of A/B split test, when you follow up with the 99% of both groups runner ups! This way, you can (hopefully) get a much better idea of which follow up offers works best!

 2.) Untapped profit center # two: Let’s say you’re offering as your grand prize, two 90 minute one on one power consultations, valued at x!So for the sake of example, let’s say your normally hourly consulting rates are $250 per hour (like mine.) So one 90 minute session, equals $375 dollars, times two sessions equals $750 dollars. ($250 PH x 1.5 = $375 x 2 = $750.)

(Important note: The actual numbers are irrelevant, it’s the overall  marketing concept you need to grasp!)

Let Your Proven Lead Generation Strategies Be A Spring Board To Some Major Long Term Profits!

 3.) Untapped profit center # three: Now that you firmly established some type of perceived value for an hour of you or your companies consulting time, now you can offer a one time payment “raffle” for at least 60- 90 minutes of you or your companies time!

Let’s say you’ve got a room of at least 30 people or more. You could “raffle” one 90 minute session, that (in my particular) case would normally retail for $375 dollars (or X), and offer it for a one time payment of just $75 dollars, or X.

Which, (at that low) of a price, should compel at least 15 of your 30 attendees, (or at least) half of them, to leap at the chance to purchase some quality, one on one consulting time, for just twenty cents on the dollar!

And when they do, 15 times a one time payment of $75 dollars each, equals a gross cash profit of $1,125 dollars or X! ($75 x 15 = $1,125)

4.) Untapped profit center # four: If this is you or your company’s very first live workshop event, you should still, (either) video and or at the very least, audio record the event.

If you’ve already conducted a few events, (and you’ve) either video taped, and or audio recorded the events. You can and should A/B split test one of two approaches, of monetizing your recordings.

4.A.) You could offer them one DVD recording at your full retail price, and give them one other DVD/CD of their choice for free!

4.B.) Allow the first X number of attendees, that make “a quality decision” to upgrade and purchase your big ticket instruction event, by doing so,they automatically get 3 -5 previous 90 minute audio or video recordings on various subjects (of their choice) for free! Just be sure you provide the perceived value of each recording, just depending on which particular format it’s in!

Monetizing the front end of your free introductory events can be quite profitable, don’t you agree? In part two, you’ll discover the remaining three ways, until then, are you (really) starting to appreciate how some of today’s extremely savvy entrepreneurs, make really big money,giving away some of their most valuable services, for free?

Say yes! Great! See you in just a little bit in part two!

Now as is customary during this part of our show.

Please share your extremely valuable comments (in the comments section below) that you can

apply to your business, product or service in the next 30 days or less!

As always, if you got any value out of this post, please Google Plus or tweet this.Thanks!

And be sure you grab your explosive free 22 step small business marketing idea kit series, because it will help you increase your profits by as much as 25% in the next 90 days or less.

And help you master your effective communication in marketing skills.(No matter what your particular niche market is.)It’s a $97 dollar value and it’s free!

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6 Responses to Seven Proven Ways Extremely Savvy Entrepreneurs Make Really Big Money Giving Away Free Stuff!
  1. I haven’t had a great success with giving away…keep trying, but it is a guessing game !

    Guess I’d better get back into that line of looking for the hungry crowds and what they are eating today!

    Cararta

    • Not at all Carata.

      Not knowing exactly what business or services you provide,
      but sure, there is something of low cost, yet high perceived value,
      that you can give away, in order to start building your opt in email
      list.

      And preferably, it can or should be a free report, webinar recording or interview you’ve done
      or could do.

      Something that helps your target market solve one of their major problems or concerns.

      Send me a link to your website and or blog, and let’s see what you start offering!

      Take care & thanks for stopping by!
      Mark Newsome would love for you to read..Why Profit Seeking Small Business Owners Should Learn A Great Marketing Lesson From Fiverr.com!My Profile

  2. Hi Mark,

    I had a big smile at the beginning of this post because my daughter is the pretty girl at the end of the aisle giving out free stuff! She gets a kick back at the sales she makes. It does work well.

    Back to the post: Giving free time is something I do when someone purchases a product. But never an hour!!! That’s insane. I must admit I will go overtime sometimes because I’m enjoying the conversation…but an hour is crazy.

    There are so many guru and guruettes out there trying to make you feel that if you opt into their business you will be so lucky to work with them and make money instantly. That is not reality!

    You and I both know well that it takes time, persistence and lots of patience for a business to work.

    -Donna

    • That is so true Donna!

      BTW Coach, thank yo so much for sharing that incredibly keen
      insight, about those pretty smiling faces at the end of the
      aisle been compensated for their productivity!

      Because I really had no idea that was the case!LOL! I would think, depending
      on how well they’re compensated, the cream of the crop will definitely rise to
      the top!

      Now I will definitely need to share this in a follow up post and reference your
      comment!THanks!LOL!

      And your right about the gurus and guruettes reluctantly donating a free hour of their time,
      but those CPA’s are generating first time customers, that routinely turn into
      long term customers that are worth $7,500 to $15,000 each, over the life of their
      interactions with their companies!

      So an additional hour or two up front to get the income stream rolling, is a mere drop in the
      buck for them!LOL!

      Thanks again for sharing such an awesome insight Coach!I’m quite sure both I
      and my audience totally appreciate it!
      Mark Newsome would love for you to read..Why Profit Seeking Small Business Owners Should Learn A Great Marketing Lesson From Fiverr.com!My Profile

  3. Creative as always Mark! Reading your article one thing stood out for me in a big way and that is that while it’s not that unusual to see someone offer a free hour consultation for a promotion, it rarely comes with any sort of supporting information or testimonial validating the worth of their time, as though you just need to take their word for how lucky you’ll be to spend any time with them. Great lesson, and one I will definitely take to heart. Thanks Mark!
    Marquita Herald would love for you to read..31 Ways to Quickly Regain Inner PeaceMy Profile


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