How much is your product or service worth? Rather than setting a price, what if you asked customers to decide what they think is fair? Sounds scary, right?
The idea of customers naming their price has become more widespread over the past several years. Early adopter, Priceline, has been asking customers to name their price for years (with some caveats). We’ve also seen bands like Radiohead and Nine Inch Nails jump on board the name-your-price bandwagon. Most recently, Kickstarter-funded board game, “Cards Against Humanity,” launched a pay-what-you-want holiday pack for their deliciously inappropriate game.
One might assume people took advantage of the offer, but you’d be wrong. The vast majority of their audience paid $5 for the game (57.14%). While this is an interesting stat in and of itself, what it did for their brand awareness is even more impressive. During the month of December (2012), Cards Against Humanity saw a 516.7% increase in traffic to their website (learn more about their campaign).
What does this mean for you and your company? Surely, I’m not asking you to give something away for nothing — or am I? Before you say, “no,” consider the following:
What could you offer in a “Pay-What-You-Want” model that would help your company build audience?
- A networking event for your peers/colleagues
- Classes/coaching sessions for professional development
- Exclusive rights to purchasing a new product before it launches (test model)
- Anything related to books, webinars, podcasts, e-books, etc.
How can you make this model work for you or your business? Be creative, be fearless and grow your tribe!