One of the best things we can do in life is give. Giving can be in many different forms including money, products, time, effort, etc. In all honesty, this is probably the most important lesson in business. There are many radio show hosts who give away free content all the time. They will then write a book or create a program of some sort that people can purchase. Many of the regular listeners will support the creator out of mere appreciation. Some people create products and have it available for free and for purchase simultaneously.
Record label “Humble Beast” does this with their music. Every album that the label releases is available for free on their website. They also make the album available to purchase on digital retailers as well as physical copies. For diehard fans of Humble Beast, they can support the music by buying the albums. Fans also go to concerts or other live events and purchase other items that are available. This is becoming a popular model for businesses of all kinds to use. I think we often get confused by it because we think of ways to make a sale instead of building relationships. Once you build a relationship with your audience, they will be happy to support you financially down the road when you have those options available.
Another example of this model is the Dave Ramsey Show. The actual show is available for free on radio, podcast, and other digital outlets. He gives free advice on the air to people with financial and business questions. He has different books, classes, and live events available for purchase. Not only is this information helpful for those who accumulate it, but it is also their way of saying thanks to him for all he does for free. He also has free PDF downloads of worksheets to help balanced different kinds of budgets among other things. This is a multi-millionaire who is helping millions of people with free information and gets reimbursed for it.
The truth is that not every kind of business can use this model. Car manufacturers, clothing companies, and other physical merchandise companies are limited to being able to give free products away. The best way for these kinds of companies to use this model is advertising. They can provide free products to well-known people, companies, or influential people in their line of business. Pharmaceutical companies give away free samples to doctor offices and hospitals. Athletic clothing companies give famous or even amateur athletes free clothing to wear at events as a form of advertisement. Creative designers often create free logos or designs for companies that will advertise for them. There are some creative ways to use the ‘freemium’ model for all companies. It takes a little creativity and imagination, but it can help in so many ways.
I’ll end in one of my favorite quotes, which comes from Dave Ramsey who often says, “If you help enough people, you won’t have to worry about money.”
Thanks for reading this weeks Business with Bordeaux blog. You can hear more by visiting my Business with Bordeaux Podcast on Soundcloud by clicking on the link here.
Thanks and God Bless
