A routine trip to Bank of America today turned into a smart marketing object lesson. A brochure distribution rack at the entrance had booklets as usual, but the content was different. Instead of the usual sell sheets about their savings accounts, mutual funds, car loans, or credit cards for college students, these brochures were magazine-type booklets that contained tips for managing one's money and maintaining a home as an investment.
Prepared by the editors of Money Magazine, both of the booklets I perused exhibited the usual financial savvy found in a Money article. Both booklets were easy to read, visually-attractive, and offered real value to Bank of America customers -- free!
Of course, both booklets also contained advertising for Bank of America, a double-whammy!
Customers are seeking value when they come to your business, and free information offers serious value to them, particularly in this economy where consumer spending has dropped drastically.
When you offer your customers free information -- e.g., a mechanic offers a Do-It-Yourself Car Maintenance booklet -- you solidify your reputation as an expert in your field and gain integrity for having the customer's best interest at heart. A local plumber went a step further and instructed the homeowner on how to complete the cosmetic work in the bathroom -- thus saving the homeowner several thousand dollars as well as gaining a repeat customer.
Bank of America purchased article reprints from Money Magazine, something you can do as well. Or, you could just write your own information and have it printed. After all, who knows your business like you do?
Here are three things to consider when giving away valuable information:
1. Make it valuable. Don't waste your customer's time -- or yours -- by giving away information that doesn't matter. In the above example of the mechanic, he should really offer simple job steps for changing oil and changing the fuel filter -- not "Tip #1: Get your oil changed at Mike's Garage every 1,500 miles."
2. Make it accurate. Nobody will be so touched by your generosity that they won't care about the content. Be sure that the information you are giving away is correct.
3. Don't give too much away! In most businesses, this isn't much of an issue. Even step by step instructions on rebuilding a transmission won't persuade people to do it themselves! But it is important to remember that you are still communicating for a business, and unless you're a non-profit organization, there's no need to give away the farm.
Those small touches make a huge difference in this economy!
Recommended Reading: Entrepreneur Magazine on Free PR
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