We Need to Talk About Free Stuff in Your Business
Giving Away Free Workshops, PDFs and More?
The other week I was a guest panelist in a Twitter Space focused on ethical monetization. It was a wonderful almost 4 hour conversation (yes-almost 4 hours) about the complexity of monetizing an online brand. We discussed how people show up in spaces, how they communicate their intentions and more.
But there was a point in that conversation that made me pause and I decided to reflect on it more. I even recorded a podcast episode about the role of “free” in building an online facing business. I’ve made different remarks in the Creators Getting Paid podcast than what I’m sharing here and have embedded the episode into this newsletter so that you can listen to it.
Upcoming Workshop
How to Create a Newsletter that Pays
Thursday, February, 22, 2024 at 6:00 pm MTN/8:00 pm EST
Click here for details (scroll to the middle of the page)
Affiliate Disclosure
“In order for me to support this newsletter, I may receive monetary compensation or other types of remuneration for my endorsement, recommendation, testimonial and/or link to any products or services from this blog. Also, “As an Amazon Associate I may earn income from qualifying purchases that you may make if you interact with an Amazon affiliate link associated with Creators Getting Paid”
Resource Shout Out
CastMagic
I am a slow adaptor to new technology and digital tools. Usually I like to take my time because of pricing, wanting to see if the early hype is just hype and to learn from other people’s experiences. I had the opportunity to sit in a workshop that walked through how CastMagic can help creators create using AI. What I LOVE about CastMagic, besides the fact that it makes content creation easier-CastMagic doesn’t train an AI.
What does it mean?
That currently your IP (intellectual property) is more secure. Instead, CastMagic is trained only on what you share with it. The team was so helpful and I truly enjoyed learning about this cool tool. If you’re looking for an AI tool to use, but are nervous about IP like I am then CastMagic might be a good fit for your needs.
Listen to the Podcast Episode
“Why Free Goods and Services Are So Profitable”
In this episode I share some thoughts about the role of “free” in our online business. The show shares different thoughts than what is in this newsletter.
Here’s the link to the podcast show notes.
How Does Free Show Up in Your Business?
There are a number of ways that “free” can show up in your online business. Below is a list of free experiences people are sharing with their communities and people they would like to connect with.
YouTube Videos
Podcast episodes
Free speaking gigs
Hosting free online or in-person events
Mini-courses
Workshops
Website content
Limited number LOL!
Mini-coaching sessions
Limited Number
How Volunteers Save Businesses Thousands in Labor Costs
I’m often fascinated by the value of volunteer hours to an organization. Philanthropy Colorado reported that the national average for volunteer value per hour is $29.95 (though it’s a little higher in Colorado). Volunteers are speaking with community members, are often the first point of contact with the organization and are often "mission evangelists for the non-profit’s mission.
Volunteers may be motivated to volunteer because they are aligned with the brand mission. Have allotted a specific number of hours towards lending a hand locally or nationally. There are people who are job free for whatever reason and are ok with lending a hand unpaid to an organization.
In a digital brand the resources that you share with your audience without expecting compensation are doing the same work that volunteers are doing.
The Impact of “Free” in Digital Businesses
Free works the same in any physical or digital business. But, in a digital business free content does the following:
Educates the audience all day and night when people connect with a website, YouTube page, free resource or podcast episode.
Provides an opportunity to attract aligned people
Builds community via opt-ins
Attracts testimonials (building public relations experiences)
8 Questions to Ask Yourself
Free in your business can be an impactful way to build your reputation, tap into organic reach and build a name for yourself. There has to be some boundaries around “free”and here are some questions to work through to help you connect with those boundaries.
Is “free” taking over my business?
Should I set boundaries in my business around my free offerings.
Setting a specific number of free offerings that you can provide each month.
Creating a resource that helps many people vs. a few. I did this with “PickYour Brains” They were taking over my life LOL! I needed that time back. In order to free up my time, I started creating content that answered the most frequently asked questions and began referring people to that helpful content.
What is the purpose of the free things that I’m doing in my business?
Do I have systems to help me assess if the free that I’m doing is helpful or harmful to my ability to monetize my work?
How can free content and community interactions with free items grow my business?
Is there an opportunity to transition from free to paid?
Do I have a strategy connected to the free stuff that I’m sharing with my community
Have I fallen into a habit of sharing free stuff because I’m afraid to charge money?
Caution!
This is a little woo. If you attract a lot of free stuff that’s awesome. BUT, you also have to send out a different energy to attract PAYMENTS into your life.
How “Free” Shows Up in My Business
Let’s Talk About Generosity…and Funnels
I thought it would be interesting to hear how I think about free and how I’ve experienced “free” as I grow my brand ( 20 minute audio recording)