Improving The Market Value Of Your Business

Written by: April Lunar
09/24/2019

freebies-money

We all know the power of advertisements. But sometimes, there are other ways to improve the market value of your business, therefore sell your products and services. One such way is giving away. That’s right. This information talks about the impact of freebies and how it can benefit your business bottom line. 

John is a big-time social media agency operator and has written several books on his topic of interests. When he attended a conference for entrepreneurs in NYC recently as a keynote speaker, he was approached by one of his fans who thanked him for all the great value his strategies had offered to the fan and motivated to start his own business. John felt devastated at first, for the fact that his free ideas had created another competitor to his own venture. He always thought that giving away ideas would showcase his credibility and expertise to others that they want to approach him and do business with him. However, his latter assumption didn’t take long to be proved when he got a call a month later from a potential customer who wanted to make a deal worth half a million in exchange for his strategies and plan to initiate a manufacturing trade. 

What the story above infers is that offering value for free can make a huge difference for your business and improve its market value at the same time. The free value that you provide to your prospects, employees or vendors helps build your credibility and reputation eventually so that you are able to grow your customer base or attract new leads. Of course it may allow your competitors to learn new things, imitate your business model or become your stiff contender. Had John not given away information and ideas for free, he wouldn’t have bagged that half-a-million deal. 

So, the more valuable your giveaway product or service is, be it tangible or intangible, the greater the trust you can build among the audience. This means you should be willing to share your ideas and expertise without expecting anything in return. For instance, if you are a lawyer and has a good hold on your particular field of expertise, say child support and custody issues, letting that information out or advising your potential clients for free will only make them come back for more service. The top 5 healthy eating tips that you shared at the local health store as a dietician will compel your prospects to approach you for more advise for their health concerns. And if you are giving away products that are unique in the market that are worth every dollar paid, your customers will show their loyalty to your business over time. In essence, it pays off to showcase your expertise without expecting anything in return. If someone wants more help or information, they will not hesitate to contact you later on. 

The value of your business can be greatly improved through freebies. If you are worried that it is not cost-effective to give away, start small. Have a budget to begin with and a plan to execute it. If you cannot write a lengthy tips on how to lose weight with your weight loss supplement, just highlight the benefits. You don’t need to offer your service 24/7 just to increase your rating. It can be time-consuming and above all, unnecessary. If idea is your thing, simply finding a way to share it from other sources can suffix. 

Now that you are sharing your expertise and knowledge with others, it may give you the feeling that other people are able to imitate you and start everything on their own. This is a false notion. There is no such thing as giving away complete information. For instance, accountants can share general advice for tax preparation not the details. Lawyers can share new laws pertaining to a subject not how to argue with the defendant. Eventually, no matter what you share, people will always want to get advice from experts. They will never know the content in its entirety more than you do. So, when they are in need of help, they will approach your business and this is where all your freebies will generate profit. 

Providing value for free will benefit your business in one other way. You don’t need to spend valuable resources on advertisements and marketing campaigns – your prospects will know about your presence based on what you have already shared for free. When they are ready to purchase your product, they don’t have to look into the details on your marketing brochure, because you are now familiar to them. They don’t even have to pay much attention to reviews.

Creating a give-away campaign calls for consistency and commitment on your part. Sharing value of your product or service builds your reputation and credibility and makes you stand out in the crowd. However, this takes a lot of time and effort. In other words, it all comes down to being committed to the task on hand. Think of it the way your customers do. If you are introduced to a business, would you trust it the first time? Surely, no. It takes time and patience to gain that trust and through methodical ways. Unfortunately, many businesses give up once they see the profit quotient during value-sharing. Those who make a long-term commitment are the ones to succeed. And those who were inconsistent and put minimal effort to this strategy are bound to fail.

Every business should therefore provide its prospects, followers and affiliates with value added product and/or service. On the flip side, people feel more connected to such businesses and are excited to talk about it with their friends, colleagues and family. They want to share the unique experience and express it openly. The word is out without the business spending massive resource to hire marketers and salespeople. In the past, this indirect approach to marketing used to be expensive. Now, sharing value is free and easy as well, through social media.


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