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11.07.2022 Neil Patel

My Favorite Business Hack

My favorite business hack. In business you need to generate a lot of demand to generate income. Whatever it is; whether it's leads or visitors, you just need demand. But how do you create the demand when you don't have the marketing dollars maybe compared to your competitors? It's simple. And what's crazy about it is I don't get why other people don't do this on a regular basis. This is one of the cornerstones to my marketing.


RESOURCES & LINKS:
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HubSpot: https://www.hubspot.com/
Dentsu: https://www.dentsu.com/
WPP: https://www.wpp.com/
Omnicom: https://www.omnicomgroup.com/
Ubersuggest: https://neilpatel.com/ubersuggest/
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So here's a hack. You give away something small that everyone is used to paying for and you sell those people on something that's much bigger. Here's an example. You know about Ubersuggest, right? Ubersuggest is an SEO tool on neilpatel.com. Check it out. You can put it in a keyword, a website URL. It'll tell you your traffic, your backlinks, your mistakes that you're making on your SEO errors, even your competition.

Did you know that that product is mainly for free? Sure, there's some paid features, but 95 plus percent of that product is free. Do you know how I give away most of the tool for free and why my competitors charge $99 a month for theirs? Why is that? It's because there's more money in marketing services than there is in marketing software.

HubSpot is probably the biggest marketing tool out there and they do a bit over a billion dollars a year in revenue. On the flip side, Dentsu, WPP, Omnicom, these are all marketing service providers and you may have not even heard of some of them. They each roughly generate 10 plus billion dollars in revenue. In other words, there's not a lot of HubSpots, but there's a lot of marketing agencies that generate a ton of money.

So by giving away software for free, it generates thousands and thousands of leads per month. And then you sell users on something bigger. Try it. You just have to figure out what to give away for free and what you can sell to each of those people that is much bigger that can generate you way more revenue.

Now make sure whatever you give away for free is super valuable, and everyone else charges for it, and ideally they charge a lot of money for it. And make sure you can upsell those people into something bigger. For example, I can't give away free payroll software and upsell everyone on marketing. People who buy payroll software aren't really interested in marketing services. So they have to be related. And if you're wondering why I do this is because it's cheaper to give away something for free than it is to pay for the marketing.

Every year, marketing continually gets more expensive. And I see this trend continuing in the future. So might as well just get ahead of the trend and figure out how to organically drive those visitors without having to pay for them or paying a arm and a leg. And that's usually by giving away something for free that people typically charge for.

And you can do this in both B2C and B2B. A great example of this is, Orabrush used to offer a tongue cleaner for free. And by doing this, they created a lot of demand. Then they upsold people into teeth whitening, and tooth care, and toothbrushes. And they made enough money, they were successful. They eventually sold the business, why? It was cheaper to give away something for free than it was to pay for the marketing on Google Ads or SEO, or any other form of marketing.


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