“F” Words That Can Increase Your Business Growth: Series Part #3

Welcome to Part #3 of my series, where we’ll be discussing another awesome “F” word that can grow your business if utilized the right way. Just to recap, we’ll discuss the main parts of Part 1 and Part 2.

In part 1, we discussed the power of giving away a “FREE” product to attract visitors into providing information that provides feedback, topics, leads, and sales. In Part 2, we discussed “FREE” information in the form of relevant eBooks of value that otherwise wouldn’t be found online. This helps build credibility in your niche and loyalty from your readers. We discussed how “FREE” information can be used to generate profits through affiliate links within your eBook and what makes your eBook valuable.

Let’s jump into Part 3 of my series, where I introduce the concept of gift vouchers into this equation. Please let me know if you have any feedback or questions below.

GIFTCARD_JOHN

Word #3 – “Free” Gift Voucher

Let’s make one quick distinction…

This is different than a discount coupon because you actually give away free money with a gift voucher. With a coupon, you’ll be providing 25% off whereas through “Gift Vouchers”, you’ll actually put a dollar value on the voucher. You’ll be surprised how effective this strategy is in generating sales, traffic, and brand awareness. Offering a gift voucher works well for those businesses who are trying to introduce a new product or service. It can even work well for content marketers who just want to promote their blog and generate traffic. For example, on my blog, I provide information on blogging, link building, social media, etc., and have used a $10 gift voucher in the past, offering visitors a $10 hosting and setup package. I had to work out a package deal with hosting companies, but this strategy was very effective once everything was in place.

Here are a few things to keep in mind to really make this strategy effective…

First, remember your purpose, which is to grow your business, which means brand awareness and return visitors. You can achieve this by capturing email subscribers on information useful to your business. For ecommerce, this would mean purchasing habits, feedback, and personal information (email, address, phone number, etc.)

On the “Free” Gift Voucher, you should specify that it’s only available for a handful of products. Why? It will protect you from losing money on other high priced items if the markup is very low. To make sure it works well, you can create packages that fall into the price range offered on the voucher. Work with other businesses before putting this strategy into place, finding products or services that they’ll offer at a discount price, then add that value to your “FREE” gift voucher. For example, hosting companies are willing to provide a package at a discount because, long-term, they know they’ll generate way more income. How? Once someone signs up for hosting, 80% of the time, all other products will be purchased through the same provider…right? I’ve been with my provider for 7 years and purchased 14 domains, 3 hosting accounts, and 2 email accounts J

Next,

Here’s something else that works well and can grow your business quickly when using this strategy. Be sure to add an expiry date to the voucher so people use it immediately and won’t forget about it. You can add the text “limited” quantity available to create a complete sense of urgency, pushing them to take action right away. It’s a great strategy to get them to your website and provide their information more quickly. If they’ve provided feedback, then creating a sense of urgency will allow you to start implementing what you’ve learned right away into your business. The point is to capture information that will help grow your business quickly and to a target audience.

Track Statistics

Unlike when providing a free eBook or product, you can track statistics when implementing this strategy easily. For example, it’s as simple as tracking how many people redeemed your voucher through your backend. Next, if people provided personal information and everything has been confirmed, then your strategy was a success and you have two options going forward. First, tweak it to get better results the next time you offer a “FREE” gift voucher or implement the EXACT same strategy, making sure different people receive vouchers this time around so you get new information you need to grow your audience.

Get started by doing a simple search in Google for “gift vouchers” or “gift voucher ideas” to start generating a list of ideas that will be relevant to your niche. If you have previous experience implementing gift vouchers in your marketing, then go back and view your statistics to find what worked well in the past.

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