Freemium

The Thought

You must have heard of the word Premium products. Its those products which are desired for.

And then there exist "Free" products. Those which are offered as an Add on when you buy something more bigger and better than this free Product. This post is about combining the two.

Premium Perfume, brands, it all exist in the world. Most of the time, we don't take a product because we want it, but we want a product which makes us socially upbeat or acceptable.
So when you buy an Apple Macbook, you send across a message that you are different from the rest.
But the new term is "Freemium".
What is that "Freemium" which you can provide to your customer, which ensures them coming back.
Is that a Free premium product, like Rebook Sun glasses worth 5000/- if you buy a product Shoe from Rebook of 3000/- Buks.

Imagine, if this Freemium goes with the Services.
Can you create a Positioning based just on this Freemium.

3 steps to find the Freemium for your business

1. Define your product and the price along with associated price ( salary etc)

For example if you are into "Friendship Band" making, and if you can offer a Free 20% Discount Coupon on any teddy Bear the Person who Buys the band gets, imagine the kind of opportunity you are standing on.
Once you have clearly found the associated price, selling all the extra bigger things will give you profit.

2. Decide what you want to choose from,
a. Scale Up: Lower profit per product, but more product to sell.
b. Scale down: High profit per product, but less product to sell.

3. Create a Buzz.

Can you do something for people to tell others. Refer a friend, so that they ensure better footfalls.

This is your time. Create as Much "Freemium" you can and see your revenues going up.