Video Transcription: In this video, I want to introduce you to a strategy of using either the freemium business model or
parts of the freemium business model and what is this business model well it's
this video is brought to you by Appy Pie Academy a very popular business model
online which is used very prevalently and I'm sure you use it all the time when
you're a consumer of things so you get something for free either free websites
free app free something and then you get up sold something else it's very
common the reason it's common online is that it's free to give away digital
goods articles videos it is essentially nearly free or free so companies can
give it away for brick and mortar companies or service companies it's a lot
harder to give something away because it caused them money to create that in a manufacturer that but in any case if you cannot use the freemium model purely
which means giving something away and then charging for something else you can
use parts of the pre freemium model and then upsell so the idea of the freemium the model can always stay and can be used in any kind of business because the great the thing about it is that when you give away something for free even something
little but it has to be something good people can get a glimpse of the quality
of what they'd be getting because otherwise consumers you don't realize this
but they are shopping blind when if they have to pay for something and them
don't know what they're getting you're immediately decreasing the conversion rate
because they don't know what they're getting a lot of them don't buy for that
reason and they don't take the first step because they have to spend money to
know what they're getting so when you're able to give away a little bit of
something to give them a sense of what they'll get and if they are impressed
this is very important because a lot of people cut the corner here and say well
I'm just gonna give away something bad no don't give away something bad or
low-quality because they're gonna get a view of your business that it's
low-quality give away something that actually represents your business
amazingly and really insightfully and shows the quality and then people will be much
more likely to want more and to buy what you're having another benefit of this
is that because you're offering something for free you're going to be able to
get all the traffic compared to some paid competitor and that suffocates the
competitors, of course, this is harder because you can't even serve a very large number of people if you have a physical product or a brick-and-mortar
business because there are just physical constraints but it is possible to
increase your current customer flow by doing something free just that you have
to be a lot more careful about what you do because if you do give away
something that costs money you have to do it at a tiny loss so you've got to be
really careful but if you can figure out what you can give away for free or extremely
cheap then you can reap the benefits of this freemium model and even if people
don't buy there are actual benefits from them because guess what they bring
their friends they might recommend your business they might remember it so it helps
with your branding over time and really that all that activity helps you in
indirect ways and takes away that activity from your competitors so you see
using elements from this freemium model can really help in a number of very
strong ways.
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