Why People Aren’t Taking Your FREE Stuff

free

What price is FREE?

It’s strange, isn’t it? You can give away something for FREE… and even then, not everyone will take you up on it.

Actually, it’s not so strange when you recognize there is something we ALL have that is even more valuable than money – and that’s time.

There are no rich and poor time owners. All of us have exactly the same quantity of time to play with each day – 1,440 minutes.

When you offer something to somebody for free, there’s still a cost attached. It’s the cost of time. You might offer the most wonderful 38 page ebook as an enticement for capturing their email address, but they have to determine whether spending a few hours of their life reading your ebook is worth their time.

Whenever I give away free information, I tend to follow two rules of thumb:

  1. Give them exactly what they want.
  2. Give it to them in bite-size chunks.

For example, I’m in the process right now of creating presell material for a product I’m launching soon called Presell Mastery. The presell material includes several short (8-12 page) reports, that focus on specific topics a reader might want to know about.

For example, a person might ask, “How do I presell as an affiliate marketer?” Well, I’m writing a report to answer that specific question.

I settled on 8-12 pages because it means the report can be read in one sitting, giving THEM exactly what they want quickly, while giving ME the opportunity to presell them gently on a product or two.

Of course, there is a skill to effective preselling, which is precisely why I’m creating a product called Presell Mastery in the first place – but the important thing here is to remember that even FREE comes at a price – the price of time.

That’s why you must still demonstrate VALUE for the things that you offer for free. And I don’t just mean slapping a “$27 value” label on it. Tell us WHY it has a $27 value. What’s in it for them, to spend their valuable time reading or watching your free content?

Give them strong reasons they should spend part of their precious 1,440 minutes listening to YOU. (Oh, and I hope you got some value here! If so, let your Twitter buddies know about this place.)

How Supermarkets Fool You Into Buying More

Supermarkets and pricing

Supermarkets and pricing

I have to marvel at some of the psychological pricing “tricks” supermarkets use to “fool” us into buying more.

I was in the supermarket the other day, and I saw a 72 biscuit box of my favourite breakfast cereal, Weetabix, for £4.90. Now, since I don’t normally see boxes of that size (they normally come in smaller boxes of 24 biscuits), I assumed that was pretty decent value for money – and the average price in my local store for a smaller box was about £2, so I knew this was cheaper than my local store. (Locally, it would cost me £6 for the same number of biscuits).

But then I thought, “Wait… let me check”. So I looked at the price of the 24 biscuit boxes, and they were £1.50.

“Wait a minute,” I thought to myself, puzzled. “I could buy 3 of these smaller boxes [3 x £1.50 = £4.50]… that would be the same number of biscuits as the larger box [£4.90], yet it would be cheaper!”

I grinned smugly to myself as I picked up 3 of the smaller boxes, thinking I had fooled the supermarket and saved myself 40 pence. (Oh, how wrong I was.)

I pointed this out to my brother, and then he said something that totally blew me away.

“So why are you buying 3 boxes?” he asked, casually.

At that moment, I suddenly realized how even more devilishly clever the supermarket was being. I had perceived that I was saving 40 pence by buying 3 individual boxes… but really, I was being “fooled” into buying 3 boxes when I didn’t need to!

At £1.50 for a box of 24 biscuits, I could just as easily have bought 1 or 2 of them… I didn’t need to buy all 3… but because I compared the price of 3 smaller boxes (£4.50) to the higher price of the larger 72 biscuit box (£4.90), I was “fooled” into thinking I’d be making a 40 pence saving by buying 3 smaller boxes!

“Fooled” is probably the wrong word, but the pricing was cleverly devised to get a poor sucker like myself to buy more than I might have done if the higher priced 72 biscuit box wasn’t there!

And if I hadn’t bothered calculating the values in my head, I may have ended up paying 40 pence more for the bigger box!

This highlights a principle I discussed in my report Pricing For Big Profits, that of the contrast principle – which shows that we often look at value in relative, rather than absolute terms.

It was this very principle that nearly led me to buy 3 boxes of Weetabix, when I didn’t really need to at all! I say “nearly”, because after I realized this, I put one of the boxes back… I didn’t need all 3!

I’d love to hear any stories like this that you might have. Please also feel free to share this post with your friends on Twitter.