If you say “nothing comes for free” in front of a group of people, most of them will agree with you. It doesn’t matter about the demographics because this nugget of information is perceived as conventional wisdom. In some way, it’s supposed to show you the error of your ways so that you can finally start increasing your wealth.
But what if the phrase is wrong? And even if it isn’t incorrect, what if the attitude it encourages is unhelpful? After all, there are several examples where the added value comes in many forms, including freebies.
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The Evolution of Business Promotions
In the past, companies loathed giving away anything for free. By selling for a premium, brands could ensure that they made as much money as possible from their customers. Of course, the strategy was short-sighted as it encouraged shoppers to judge services based only on price. As a result, competitors with lower fees could easily snatch customers due to the lack of loyalty.
Modern businesses understand the error of dealing solely in Xs and Os. In the majority of industries today, freebies and extra value are leveraged on social media and in-store to try and convince consumers to re-use offerings. An excellent example is eSports. The likes of League of Legends and Call of Duty contribute to a sector that has a projected value of $1 billion, and they did it without charging users for the privilege of playing. Online casinos invest in the strategy, too, with the US industry also valued in the billions thanks to the proliferation of welcome packages that are too good to turn down. Any top online casino in the US will have no-deposit matches or free spins to help stand out from the crowd and attract attention in a saturated marketplace. This is on top of cashback promos and free bets that reward players for placing wagers, essentially lowering the exposure involved in gambling.
The number of businesses adopting the technique is growing every day. Therefore, the idea that consumers can’t find lucrative promotions without paying, or paying very little, is false.
Playing the Game for Your Benefit
The financial sector is a game, and you need to be a savvy operator if you’re going to navigate the choppy waters without going overboard. Knowing that free stuff can come with caveats is a powerful way to prevent mistakes. On the other hand, it also stops you from investing in tried and tested tools out of fear.
Yes, that’s a reference to credit cards. Some stats are frightening, such as the fact that 70% of Americans can’t pay off their balances within a year. However, credit companies often have promotional offers to sweeten the deal. For instance, you can earn cash for making everyday purchases that you normally buy. 1% cash back on groceries or gas results in considerable savings because it’s impossible to live a comfortable life without purchasing these commodities. And, if the promo is on all purchases, then the savings will be greater.
Figuring out how credit cards work is essential; it’s better to be aware of the risks than to dismiss them outright because the rewards are free.
Organization Tactics Will Stop You from Getting Burned
Freebies are great until they stop being free. At this point, they can cost you a fortune, particularly as the landscape of consumerism has changed. For instance, you don’t have to physically purchase a product or service multiple times. If you’ve bought it once online, the contract may be renewed automatically.
Thankfully, a sprinkle of organization can prevent you from forgetting about trials that turn into costly expenditures. With nearly 300 million smartphones in the US, it’s safe to say you have a cell at your disposal. In that case, you can set an alarm or a reminder for the week before the trial runs out. Alternatively, services like Amazon let you cancel your subscription right away without losing your benefits.
Going back to the topic of credit cards again, setting your payment to the lowest amount will stop you from overpaying when money is tight. Remember that where there is a will, there is a way!
It’s not hard to see why people believe nothing comes for free. However, you need to remember that the motto doesn’t apply across the board any longer. Several platforms happily provide added value for minimum effort, while a selection of straightforward organizational tactics will help you to stay in the black.
About Carson Derrow
