Buy One, Get One Free
Ah the almighty buy one, get one free what a lovely sight for penny-wise eyes. Perhaps the most beautiful thing about this slogan is that it contains the word ‘free’ without ever actually offering something for free. Let us first break down what this mantra really means.
The Break Down
You aren’t really offering someone something free. You are merely selling them a product at fifty percent retail and forcing them to buy two. Even the psychologically savvy who are aware of this still can’t fully battle the effects of it.
We like free things; even the rich and famous get enthusiastic about door prizes, gift baskets and goodie bags. It is human nature to feel a need to acquire, even things we don’t think we need and on many occasions do not really want. Attaching the word free to an object can increase an individual’s desire for the object considerably.
What is in it for me?
“How does this benefit me?” you ask me while wondering what kind of bumbling buffoon would offer such an incredible product for so little. Allow me to explain this simple marketing plan my skeptical little friend!
You’ll encourage people to buy not one but two of your product. The appeal of this encouragement is that even though each product you are selling is only netting half of what you asked, you were wise enough to anticipate this offer and price your product knowing that even at such a great reduction you’d make a profit.
You may not earn a fortune with this tactic but you’ll engage new customers and built loyalties with existing customers. Smaller margins are a whole lot more acceptable if you know you are building a repertoire with a repeat customer.