Using a “buy one get one free” program allows you to give products away, without discounting the value of your products. When someone sees that something is 100% free, they naturally assume that the product isn’t that valuable. But when it’s “buy one get one free,” that product is still perceived as very valuable. People also get the sense that they’re getting a steal.
How can you use “buy one get one free” offers to boost your business?
==> Loss Leaders versus Profitable Sale
There are two ways you can run a “buy one get one free” sale.
First, you can run it as a loss leader. That means you expect to lose a little bit of money through the sale. The idea is to get new customers through the door. Because those customers will buy from you time and again, they’ll pay for themselves in the long run.
You should only use the loss leader model once you have a highly tested business model. You need to really know that you’ll make back all the money you spend before you go out and spend that money.
Alternatively, you can run the sale in a way that’s still profitable for you. If the cost of selling both items is still profitable for you, then you’re golden.
==> Marketing the “Buy One Get One Free”
Ideally, the “buy one get one free” offer should only be good for a limited time.
For example, “Buy One Get One Free – This Weekend Only!” is a great way to promote the offer.
Limiting the time helps remove the sense that you’re devaluing your product. At the same time, it creates a sense of urgency so people are more likely to act right away to get their free products.
While the offer is available, your “buy one get one free” offer should be prominently displayed. Don’t be shy about it. If you’re going to run an offer, be bold about running that offer.
Never extend a “buy one get one free” offer. Instead, if it’s successful, end the sale and run another one a couple months down the line.
==> “Buy One Get One Free” Online
What if you run an online store, selling items that most people don’t need another item of?
For instance, let’s say you’re selling an eBook. Nobody needs two copies of the same eBook. Can you still use this tactic?
Absolutely. You just have to give a different item away for free. For instance, whenever they buy Book #1, they also receive Book #2 for free (for a limited time).
Using “buy one get one free” offers is a great way to create urgency and give people a sense that they’re getting a deal. Use the tips in this article to avoid devaluing your product and to help create a sense of urgency.