Pamela Slim writes about a challenge many consultants face — finding a balance between giving away too much and too little information. On one hand, offering lots of free information products as a marketing tactic can establish your reputation as an expert and lead to more sales; on the other, doing so can often feel like you’re “giving away the store.”
Fortunately, in “How to strike a balance between giving content away for free and earning a living,” she lays out a step-by-step action plan for doing just that.
- Find your passion. “The key here is that you must find something that you care enough about to devote a substantial amount of time thinking and writing about it, and you must have a hunch that there are real, live humans somewhere on the planet who have enough dollars or euros or rupees or pesos to pay for it.”
- Identify your target market. “When you create a really clear picture of the kinds of people that you would love to work with, it makes it much easier to decide what kind of content to develop for them.”
- Plan out your content. “Good content can be re-purposed, repackaged, enhanced, digitized and/or turned into a book or workshop or presentation. When you share great information freely with the right people, it becomes your research, marketing copy, sales collateral and branding material.”
- Choose your vehicle — blog, podcast, newsletter, etc. “The way to choose your best vehicle(s) is to think about the consuming habits of your People. Do they spend a lot of time on the internet? If so, a blog may be the answer. Do they own iPods and commute long distances on public transportation? Podcasts may do the trick. ”
- Lay the groundwork for sales. “Once you build a list of subscribers, feed them with good stuff, nurture them, ask their opinions and be of service. Just don’t become the internet version of a jewelry salesperson on the beaches of Acapulco.”
- Ask for the order. “Don’t be embarrassed to tell people what you sell! If you have been delivering good content over an extended period of time, most people will be more than happy to support and promote your business as thanks for all the great stuff that you provide for free.”
And finally, she repeats a formula favored by Robert Middleton, another marketer I regularly read: give away 80% of your information and charge extra for the remaining 20%.
Not necessarily a magic number — you may find you’re comfortable with giving away less — but it’s hard to argue with the experts.
