Is Free a Good Price?

What are the rules when offering a new service? How do you enter a new playing field?

A month ago we started offering free social media management for new clients. Originally we discussed presenting social media management as an add-on for clients getting started with video. We figured it would be a chance to help their videos be seen by the right audiences. At the end of the day all we really want is to make our videos be successful for clients. We see this as one of the ways to do that.

We did not see much interest right off the back but were hopeful that our services would be wanted. We also didn’t exactly know how this process would work logistically speaking. We had never actually done it. We decided that if we wanted to charge someone for something like this we had better have it down.

Taking this step-by-step we decided the best option would be to give away our services, for free.

Yes, I said free.

Kind of like how Turbo Tax gives away returns to simple filers. They are able to get their product in the hands of many more by offering free filing without losing profit. This increases brand awareness, market share, and creates more customers for life— many simple filers today will be complex filers tomorrow paying turbo tax for more complex services. For us it is more of a chance to learn. Hopefully we make people want to stick with us and keep coming back. We also have the opportunity to mold our processes and perfect our social media video campaigning through a wide variety of organizations and businesses. Then one day we will be able to offer a standard for social media management that exceeds expectations.

I liked what one conversation said regarding give-aways, ”Giving away products or services is a two edged sword. Not every business is positioned to be able to do this and the ones who might be should think carefully before doing it.”

You don’t want to overextend. We have been tracking the time it takes to create, manage and report on video ads through Facebook. Sometimes I catch myself spending more time than I had bargained, and then sometimes it’s quick. A system is the goal. We’ve created standard operating procedures aka ‘how-to’ documents for things like setting up Facebook business manager, assigning roles and installing your Facebook pixel. Having the prep ready and organized has been a huge help getting the new service in place.

So far when offering a new service I’ve learned that you need to constantly ask yourself how you can be more successful, get feedback, track stats in order to change and mold. We’re hoping to get feedback from the first few run throughs as well as bust out a few kinks. Stay tuned for some case studies around the first few campaigns.

By |2018-10-30T16:40:35+00:00April 24th, 2017|