Staff Reporter
In entertainment marketing, give and take is an effective strategy that gets customers interested in businesses through free offers and bonuses. Being part of a wider online economy, consumers across the world are exposed to these marketing tactics and benefit from them.
Here are more details about the art of give and take, how it works, and why it’s so effective in today’s competitive internet.
Good Faith Offers
When a business has something to offer, marketing becomes the next great challenge. With so many businesses on the internet nowadays, it’s hard for companies to stand out and gather a customer base.
Sometimes, a product can sell itself. You see this with businesses of all sizes, even larger ones like Amazon that offer free Prime memberships and the benefits that come with that. In other sectors, like iGaming, these offers repeat as seen with daily free spins with bonus rounds for many online casinos. This creates a try-before-you-buy experience where those that want to can stick around or come back for free spins later. Either way, the business projects its brand to more people than it would have in the past.
These kinds of offers existed before the Internet, but now, with so many products and services being wholly digital, it costs nothing to offer free samples. There isn’t any stock or product lost like there would be if a supermarket offered you a free product. This helps a business’s bottom line, which can also free them to reward consumers even further through giveaways, lotteries, and other competitions. It’s the surest way to market an online business, especially digital services.
Why Give And Take Works
So why does it work? At its core, it’s a transaction. The business is showing that they respect your time, so they are willing to give you something for free if it means you spend more time with them, with no guarantee that they get your money. They are giving you something so you give them a chance of impressing you.
While it is a good faith offer that most businesses will make good on, it’s still a transaction like any other sale and can prime them for future transactions. Just because money isn’t changing hands, that doesn’t mean something isn’t being traded when a customer takes up a marketing offer.
The best brands that use these tactics need to be good at them, especially if there is a cost to offering free goods. If they didn’t get results, they’d go out of business fast. When done right, give and take is a high-risk, high-reward marketing strategy that quickly offsets any costs when it does work.
Businesses Need To Stand Out
The internet levelled out the playing field. While big brands still dominate, a smaller business with great SEO or a viral marketing campaign can beat them at their own game. However, it levelled out that playing field by expanding it, so customers are faced with an endless choice of who to do business with. It’s more competitive than ever, so businesses need to stand out.
We are close to 2 billion websites online in total, with an estimated 550,000 going online every day. Not all of those are businesses but not all of them are personal blogs either. For marketers jumping into a rapidly expanding online world, the strategy is simple – find as many customers as possible and get them on board with generous offers that beat the competitor sites.
