On Monday, I plan on attending a free concert in Chicago from a band more than established enough to play a big show in one of the city’s music clubs.
The band Iron and Wine has staked their claim in the indie rock world, and could probably fill any of the popular clubs in the city. So why play for free? The simple answer is people talk. When people are hooked into social media networks, their conversations reach a lot further.
By playing this show, they will increase their fan base by playing to a crowd larger than the one that would pay to see them in the clubs. Those who hear them for the first time Monday may buy their latest album on Tuesday.
It’s a smart business move. A high profile give away can do as much for you as traditional advertising. When people talk (positively, of course) the word of mouth can become an effective advertising tool.
You may take an immediate loss on the giveaway, like Iron and Wine will on ticket sales. Think of all the pictures that will pop up around Facebook from those at the show.
Now chances are, your business may be a little more low profile. But if you are in the restaurant business, a drink every once in a while to make one of your regulars feel at home should be nothing.
I regularly work out of a neighborhood Starbucks. There’s a manager there who occasionally gives me a drink or bakery item without charging me. I always tip, and it gives me a cozy, intimate feeling from a big-time chain. Translation—I keep coming back. The money I spend there next month will far outweigh the handful of breaks they give, so we both win.
What can your business do to reign people in? Social networking adds a new and interesting dimension to this. It allows thousands to find out about one small act of kindness. So try something creative and let me know how it works.
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