It’s FREE!

Caught your attention didn't I? I read a great blog the other day called "The Power of Free" by a gentleman named Roger Dooley. An interesting discussion based on Dan Ariely's Book "Predictably Irrational", it focuses on why the word "Free" is such an effective attention grabber.

To summarize:

Consumers will choose a "Free" product over an "Almost Free" product even when it's more of a bargain from a cost/benefit perspective to choose the "Almost Free" product - i.e. it's a better quality item, a more valuable item etc.
Why? Well, it's about loss, when you get something for free there's no risk involved (or no loss to you to acquire that item). Really, free is easy, you don't have to think about a purchase decision, and even if you don't know what you're going to do with your "Free" item, that's something you can figure out later. After all, it took you virtually no effort to get your hands on the item in the first place, now did it?

So when is it most effective to use "Free" in your marketing and advertising campaigns?

When you want to target a wide sample market and get as many people as possible to test out a new product
When you want to trigger sales and entice a wide audience of people to buy

When do you want to avoid the use of the word "Free"?

When you are trying to encourage a specific audience of people to try a product. A small charge will ensure that the demand from your target market still exists, however it will eliminate those individuals who aren't truly interested in the item in question. In other words those people who would have taken advantage of the offer solely because you presented it for free.

What does this mean for you and your advertising/marketing efforts?

The word "Free" is a great attention grabber and a powerful tool when used properly. It's simple and highly effective even when taking into account products of different values. Think about it, which of the following two offers would you choose if you could only get one or the other: "Buy one box of Godiva chocolates and Get the Second for 75% off" or "Buy one box of Pot of Gold Chocolates and Get the Second one Free"? Despite the fact that an 8 piece box of Godiva Truffles will run you at least $16.50 and the 24 piece box of Pot of Gold's may cost you around five dollars, I'll bet that when you first read those two tag lines you were more interested in the Pot of Gold Offer. Why? Because the second choice, the one that uses the word "Free" is a much more powerful enticer. Bottom line: If you're putting together a sales campaign or are trying to come up with a new and neat way to market your products, try using the word "Free". The results may pleasantly surprise you.

Read "The Power of Free" by Roger Dooley here: http://www.neurosciencemarketing.com/blog/articles/the-power-of-free.htm