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Our CEO loves to give things away for free. So, we decided to give you this transcript of his video lecture on the law of reciprocity for free also. Read on to discover the new face of selling: A lot of people in sales and marketing, when they think about how to get the sale, what they think about is essentially going through their prospects, going to their customers, and just presenting their product to them and asking them to actually buy it. But one of the really interesting paradigms that I’ve been seeing change is something which, I think, intuitively makes a lot of sense—you can siphon a bit of your product and actually give it away for free.
Profiting from the law of reciprocity
This is actually predicated on the idea of the law of reciprocity, which is that if someone does you a favour, you’d then feel emotionally, just as a human being, the need to return the favour in some way. And for a lot of people in sales, their direct thing is, “I must get the sale! I must get the sale!” So the mindset is: going to the customer, convincing them to buy, then going to the next customer. But what if you completely change your paradigm about that and started thinking about what is the value that you can actually get to them, regardless if they buy your product or not?
Changing the paradigm in my own business
To give you an example from my own experience, in the sales team, one of our sales people was trying get on board a specific customer. However, the customer wasn’t particularly receptive—or rather, he was, but he was having competing priorities. And so, what happened there was, we just said, “Do you know what? Rather than trying to sell him Fanbytes over and over again, how about you just create a little piece of content which will actually help him in his marketing methods?” And that was actually what we did, and within 24 hours—contract signed and done.
Giving something of value to your potential customers
The main takeaway is this idea of—rather than just going in for the hard sell—thinking about a portion of the product, a part of your service, that you can give for free to the end-consumer, so that they can actually get some value out of it. This will kickstart the process of reciprocity. To me, this is one of the most important things, especially in this world of social media, where you’re constantly being bombarded by people telling you,“Buy! Buy! Buy! Buy! Buy!” Finding a way where you can out compete in the game of just price and start playing the game of value is crucial to keep your business afloat. The number one method to do that is by demonstrating that value as quickly and as easily as you can, by giving away something which the customer finds valuable or helpful, like How Tos, hacks, or ways to do x, y, z. By giving it to them, then showing your expertise through that, the customer will feel confident that you know what you are talking about, and that it’s worth investing in you.
This is just a little marketing hack that I think a lot of people can benefit from. If you’re directly in sales, you have a quote or a lead list ahead; you can be so fixated on getting the end sale, that you don’t realize you can accelerate your chances of actually getting that sale by providing value first, as opposed to just going directly for the sale.