Panera Bread does it right – I am sitting in the local Panera Bread enjoying a good cup of coffee and free Internet access.
Sure, I have both at home but every now and then, a change of scenery is nice. And being able to go somewhere and work is good for the soul. Panera Bread makes it simple and offers me a free, no obligation solution – the perfect combination.
Of course, this little ‘change of scenery’ means that my ‘free Internet access’ will cost me at least $2 for coffee, and probably another $10 for a sandwich and drink. Ka-ching.
What can your business do to sell products without ‘selling’?
‘Freeconomics‘ isn’t a new concept – but it certainly is becoming more and more popular thanks to the Internet, social media, the ‘art of conversation’ and the focus on ‘lead nurturing’ (remember when it was ‘lead management’?).
So what can you offer your target market that’s delivers high perceived value for little or no cost in order to attract and engage qualified buyers to your business?
Think about it – Panera might be paying $100 per month per location (and I doubt it’s even that much) and whenever you walk into one of their locations you see at least 3 or 4 people sitting in front of their laptops over a cup of coffee, a salad or a sandwich.
I came for the free access and spent $2 so far – and if I find myself here in another 90 minutes, I probably will pick up a sandwich and drink for another $10.
Two Common Mistakes You Need to Avoid
Most of your target market – and I mean qualified buyers within your market – aren’t looking to buy right now. They are going to buy in the near future, but right now they searching for sources, solutions.
Yet most of your promotional efforts are focused on [1] “This is what we do”, and [2] “Buy now and save $/%”.
Panera builds the cost of the Internet access into their overhead, offers it for ‘free’ and then sells their products at full price. And that full price covers all expenses, including the ‘free’ Internet access. And when you talk to those people sitting in the local Panera Bread, hunkered over their laptop with a cup of coffee, a salad or sandwich or bowl of soup, you will discover that they came for the ‘free’ Internet access…and that they spent $10 or more because ‘the couple sitting next to me had something that looked and smelled great’.
Engage the buyer and let your products sell themselves
You are a content expert – leverage your expertise in a way that provides your buyers with something they value. Give it to them. Don’t charge them for it.
Follow up with them and ask them if they found it of value. Don’t sell them, talk to them. Ask them why they were interested in your free offer to begin with, and then provide them with some additional insight.
Have a conversation, not a sales pitch.
People have always bought from people, and they always will. And they buy from people they know and trust – so it just makes sense to invest in ways to engage the buyer and build trust, understanding.
Ask questions, listen, ask more questions and offer more insight. Show you care. Show how you can help. Sure, you can offer your services – you should offer your services but at the right time and that’s after investing time and identifying a real, practical need that you can solve.
Not only will it help you get business, it will help you get repeat business because you will be able to set expectations, offer a more valuable solution and be able to exceed expectations.
