October 26, 2018
Free bees always give customer happiness. It is human tendency to try and get more for the same value of money paid. When they get few extras people feel more satisfied, confident and happy. Though companies incur significant costs by giving stuff away, they win in the following 5 ways:
Increases customer loyalty: Free stuff improves customer loyalty. They feel obligated to stay as customers for longer periods. So, the company gets a loyal customer who never switches over to other products.
Image building and brand recollection: When companies give stuff away for promoting social causes, the image of the company goes high in the minds of the customer. The tendency to remember and recollect the brand is made easy by giving stuff away. For example, giving sleekwristbands with imprinted slogans on cancer awareness, motivational quotes etc. will automatically influence the customer to think high on the company.
Improves customer satisfaction and encourages repurchase: Since free offers improve customer satisfaction they opt for repurchase. Whenever they buy the same product they will choose the product which offered more value during earlier purchase. This will improve the sale of the company.
Referral: Free stuff induces the customer to refer the product to friends and relatives. Nothing gives more popularity than word of mouth. Referring to a friend or relative is nothing but marketing free of cost. Thus, giving stuff away helps in free advertising.
Cross marketing becomes easy: By giving new products as an offer to already a well-accepted product, cross-marketing becomes easy. For example, a company which is already famous for offering good quality printers and wants to market printing ink can offer it for free. The customer will not hesitate to try it since he is already confident of the printer’s quality.
Related products can be offered free. This will effortlessly improve sales. For example, a microwave oven seller giving micro safe vessels/bowls as free. This will increase usage of a microwave oven and improve sales.…