The business case for free
As much as I don’t like the term ‘lead magnet’ – it puts me in mind of both a malevolent hook-a-duck game and a humungous magnet that relentlessly sucks all and sundry to it, including cars, tooth fillings and wind turbines – it is a useful phrase to pinpoint exactly what I am referring to.
So, lead magnets, engagement tools, free resources – call them what you will - they are an important part of a small business’ marketing tool kit.
When I talk to some clients about creating these engagement tools, there is often some flinching. Occasionally this is caused by the thought of having to create them (‘what, you’re telling me that I have to write them, then make them look nice, then make sure they are on-brand and THEN spend time marketing them? Are you insane?’). But more often than not, it’s because they are giving away some of their precious, hard-acquired expertise or knowledge. For FREE. For nothing. Zilch.
How can that make business sense?
Let’s put aside the fact that as customers, we LOVE free. A free sample so I know I like it before I buy 23 packets of it? Let me at it. A free trial so that I can see if your approach fits with my style? Where do I sign? But the moment we take out customer hat off, and put our business owner hat on, suddenly, free is the devil’s work. We’re a contrary lot, aren’t we?
I’m here to make the business case for free, specifically with regard to engagement tools and free resources. Done well, they can be a powerful sales tool, which of course, turns FREE into PAID.
A free nibble
Asking customers to part with money for something they have never experienced can be tricky, and relies on your ability to create a story around your product or service so compelling, it overpowers any buyer’s anxiety. The more money they are being asked to part with, the bigger the jump you have to persuade them to do.
Providing them with a taster of what they are about to buy provides a solid stepping stone between where they are – not customers – to where you want them to be – customers. There is much less resistance to jump to something that is free, because it’s a tiny leap with no risk. Having had a free nibble and enjoyed it, or experience some benefit from engaging with your resource, the easier it will be for them to take the (now smaller) jump to the next stepping stone, and pay you for the full product or service.
Spotlight your skills
A free resource is a fantastic way to showcase your skills. Take one small element of what you do, and build a resource around it. It will give people a real flavour of what you can deliver for them. There will be a range of skills within the business owner and team, so you can build a series of resources focusing on each one.
Create action
Personally, my favourite free resources are those that get you do DO something. It’s time consuming to read a three page PDF explaining the theory of something, or outlining a big chunk of information. It makes the reader do all the work to transform that information into something useful. The interesting bit comes when you share a little nugget of information, then build a bridge for the prospect from that theory to an understanding of how to do something. A resource that contains a tool, framework or exercise is a brilliant way to create action – get your prospect to try something, do some thinking, and help them move forward. If you can create a change in thinking, help them see something new, give them an idea to make a difference, you create real credibility by providing evidence you do what you promise.
Build advocates
If your free engagement tool has real value to it (so not a PDF that contains the hasty scrapings of a Google search you did on your subject, or a half-arsed edit of a ChatGPT word vomit) it can be one of the quickest ways to build advocacy amongst your audience. If your audience find it useful, they will become fans. If they become fans, they will either turn into paying customers when the time is right, or be an advocate, sharing or promoting you. Two words: win win.
Your brand brought to life
Engagement tools are a fantastic brand touchpoint – a place where your brand meets your audience. And if you create evergreen tools, they are there for as long as you want, creating an experience of your brand for potentially a LOT of people. So make sure they are the best representation of your brand experience as possible, in terms of the visual look and feel, but also the content, format and how they leave the audience feeling.
Get your ruler out and measure it
These types of free tools are a brilliant part of your marketing because they are measurable and trackable. You can see how many people have downloaded / watched / attended. If you offer a range of resources, you can also see which topics are most popular and do more of those. And you get their email address (I hope) – which means you can create some meaningful follow up, breadcrumbing your value through (for example) a mini email nurture sequence that has your prospects happily hopping, skipping and jumping across a short series of stepping stones to purchase.
There you have it – half a dozen reasons why you should be creating free engagement tools for your business. Oh, talking of which, if you want a simple, creative framework to help you do just that, you shouldn’t be too amazed to learn that just one small jump from here, you can download the latest tool in the Tool Shed called Creating Great Engagement Tools.
Just click here and you’ll be whisked away to the east side of the Allotment – become a Tool Shed member for free and get your hands on as many tools as you like to help you run and grow your business creatively.