Can you make money giving away free product. This is the question that I am going to answer in this blog post.
Why should you give away product/value for free?
#1: In general people will only purchase from those that they know, like and trust. So...by giving away free product or value will help to get people to know, like and trust you and the product that you are promoting.
#2: When people see the value and the high quality of information that you are giving away they are more likely to purchase whatever you might be promoting.
They see that you are answering their questions and providing value.
#3: People like to buy but they don't want to be sold. So when you are not jumping immediately into the sales pitch you don't raise the sales red flag. You will also be much more relaxed in your approach because you are helping someone and not "selling" them.
As you continue to put out free content you are going to also grow your audience which is people who like the information that you are providing.
#4: When you continue this method you will gradually build your email list which is your one true asset as an affiliate marketer.
So... what you give away is also considered to be an "ethical bribe" for their email address.
As your email list grows you continue to provide value and training. You follow up with newletters and other offers that you think will be of great value to your audience.
The true profit of affiliate marketing is in your follow up emals.
What is the down side to giving away product/value for free?
Many marketers will tell you that the biggest down side to giving things away for free is that you will attract "tire kickers" and "Freebie Seekers". What you want are customers or people who are ready and willing to spend money on what you are promoting.
In my opinion it may take you longer to grow your business giving value away for free but in the long run your audience will be more loyal and willing to purchase other items because they like the value that you have provided.
So what kinds of things work as your free give-a-way?
PDFs/eBooks
PDFs can work well but I do believe that they may be becoming a bit outdated, as people have become more knowledgeable about the market. People are not as interested in receiving free PDFs, as their computers can become overloaded with them. I think if you are going to do a PDF the quality needs to be quite high. However, it is still an option to consider.
Checklists
Another option is checklists. A lot of times people are involved in more
technical things. And they want a checklist to keep track of the tasks need and what still needs to be done. Checklists are also very easy to
create.
Video training
Another option is free video training. You could have a series of
three little videos that discuss a certain aspect of a product or service or provide value on how to solve a problem. These videos do not need to be super long.
Free plus shipping and handling
Free plus shipping and hanling is another way that you can provide value.
With this type of thing the book/product is free but the person would then pay a small shipping and handling fee to get the item. Dean Holland has done this with his book The Iceberg Effect and Russelll Brunson has done this with his books, Expert Secrets would be one example.
By using this process you have just discovered that this person is willing to spend money, so you have a customer not just a prospect.
Tools to create your value or freebie
Canva
If you're not sure how to build a lead magnet I do have another video on my channel that walks you through the process of creating your lead magnet. You can do this for free using software called Canva. They do have a paid version but you do not need it do create your lead magnets. The paid account just gives you access to more images and other assets.
For creating your short videos you could use a software called Flexclip which is very easy to use. If you have already created video content Chopcast is another excellent software that will "chop" your long form video into smaller segments.
You will need to figure out your strenghts. If you do not like to do video then concentrate more on written form ie PDFs and checklists.
Sales Funnel/Optin Funnel/Lead Magnet Funnel software
The other software that you will need as an affiliate marketer is a funnel builder or website. A sales funnel just has one purpose and that is to get people to the next step in the sales process.
The funnel builder that I recommend for beginners is called Systeme.io. So, not only can you create funnels with this software but it also includes an email autoresponder. So everything is already integrated.
Email Software/Autoresponder
An autoresponder is a software database of all of the emails you have collected. Using this software allows you to schedule emails and broadcast messages to your subscribers. Not only do you follow up on your original offer but down the road you and promote other offers that you think your subscribers might be interested in.
Your email list is your one true asset as an affiliate marketer. This is also where your profit is made. So, initally you will not make big money but as you grow your email list and promote offers and provide value you will make sales. And as [people get to know, like and trust you more sales will be made.
Common Mistakes
#1 Mind Set
Don't start this with thinking that just giving away a few products is going to create tons of income. This is a numbers game and most people do not buy the first time that they see something. You will gradually build up your list and gradually make sales. This is definitely not a get rich quick.
#2 Shiny Object Syndrome - Lack Of Focus
Being an affiliate marketer takes consistent effort and patience. Your audience will grow over time. Many people make the mistake of jumping from product to product and they don't focus on one product and one promotion method. You may have heard the saying "If you try to chase two rabbits, you won't catch either one."
#3 Not Promoting A Good Product
Some people are in such a rush to get going that they do not take the time to find a good product that will pay them long term as well as pay them on high ticket products. You will need to do your research and read the terms and conditions so that you understand what you can and cannot do with the offer that you are promoting.
Conclusion
So, to answer the question that I asked in the title of this blog...YES you can make money by giving away free product. You will not make the money on the front but your sales will come with your email follow up and promotion of higher priced items and other products.
People will be much more likely to purchase from you because you have given them such great value. Also because you follow up with value your subscribers will get to know like and trust you and then sales will happen.
It will not be fast but if you can build your email list then you can promote what ever offer you want and you already have your audience to sell to.