One of the best parts of being a Midas Legacy subscriber is not only getting advice from someone who’s owned a ton of different businesses and learned a LOT from them…
…But you get to hear what’s working for other business owners and aspiring business owners just like yourself!
I’m constantly hearing from students about what’s working and what’s not working, and they’re happy for me to pass that value along to you.
That’s where this profit-doubling strategy comes from (as well as being tested by myself).
Are you ready to double those profits and take your business (or soon-to-be-business) to the next level?
Here’s how…
I’ll start with the best part of this strategy…
It doesn’t involve some elaborate business model or complicated plan for success.
It’s simple AND effective.
In fact, it’s so simple that it can be broken down and explained using one word.
FREE.
That’s right… you can grow the profits of your business by giving away your product or service for free.
You’re probably wondering what the catch is.
Maybe you’re asking yourself: how can I increase sales by not charging anything?
Now, there obviously needs to be some sort of financial exchange between you as the business owner and the consumer.
The key is to provide your customers with a free trial of your product during a certain time constraint and then require a purchase by the end if they’re satisfied.
Allowing the customer to experience your product for free during a limited time frame offers an engaging experience and a hands on approach to what you’re trying to sell.
There is only so much that a commercial or presentation can deliver to your audience and at some point, they’re going to want to experience things for themselves.
So let them.
Make free trials a part of the sale strategy for your business.
People enjoy FREE and it’s worth it to get it to them as a limited time offer.
If you’re still skeptical, I’ll give you a few examples of companies that use this model to their advantage.
Apple promotes their music streaming service by offering a free 3-month trial.
Car manufacturers, such as Toyota, encourage customers to test-drive their vehicles at no cost before making a purchase.
Have you ever tried walking through a food court without being offered a free piece of food on a toothpick?
Even companies like Costco use this sale strategy to persuade people to buy the food products they’re promoting.
But what’s in it for you?
Why would you want to incorporate this strategy into a business of your own?
Transparency.
A purchase following a free trial period offers no surprises.
Giving customers the option to test a product before they buy it, essentially builds trust.
It shows that you’re confident they’ll be satisfied, and it reassures them that you have nothing to hide.
By the end of the trial, the customer is already accustomed to the product and whatever learning curves that exist have been minimized or eliminated, easing their decision to make a purchase.
Sure, the idea of doubling sales and customer satisfaction sounds good on paper, but what are the negatives?
Just like anything else, there are people who will try to take advantage of this system; however, the risk is minimal.
Only about 3% of potential customers tend to abuse this free trial period.
The positives outweigh the negatives by a long shot!
Why not increase your profits by DOUBLE using this strategy?
Not only does this work in your favor, but it works in favor of the customer as well.
