- by Rory Ramsden
Zero is an emotional hot button and a source of irrational excitement. Our brains are wired to fear loss so, we argue that if it’s free we are safe. The risk of loss is removed.
But looking at it from the marketer’s – your – point of view…
By giving away a lot of free valuable information that helps the people at the epicentre of your market get closer to their goals, you are building trust. Those people get to test your advice before the idea of a commercial transaction ever rears it’s ugly head
In doing this you are also doing 2 things
#1. Building a relationship and engaging with your community
#2. Proving that you are an expert authority who is able to read the market and give meaning to the evolution of the news
Both key steps in the run up to a product launch
Making this business model work requires you to turn your old ideas on their head and in doing so completely change your old mindset from being ‘mean with your knowledge’ to one where you are only too glad to help your prospects get what they really really want.
Some marketers get this, and some don’t
The smart crowd know that the most valuable asset that a business possesses is it’s customers and the single biggest expense it has is acquiring new ones. Pushing the free-line is a low cost way of creating the triangle of trust that must exist before you can ask for the sale.
It’s what Michael Stelzner of socialmediaexaminer.com calls the ‘Elevation Principle’ in his new book ‘Launch’ which talks about caging marketing messages in favour of doing just that and he should know. Inside 18 months, he has acquired 80,000+ subscribers and annual revenue of $1.5m +
I asked him in my recent interview with him how he has been able to monetize his business model. The answer… once people have subscribed to your mailing list, you can continue to provide free valuable information but you can also mix in some marketing messages.
Use the 80/20 rule – 80% valuable content. 20% marketing messages
And, when you come to do your next product launch, you simply offer your ‘house list’ the opportunity to subscribe to your ‘Launch list’. That way the original ‘unwritten contract’ you made is unbroken and those that opt-in to your launch list know that they are going to receive mails of a different nature more frequently than before. Segmenting your lists before doing a product launch is crucial to your continued success.