Here is the 6th marketing strategy in a series that explores how to use social media to create your own economic recovery
6. Consider Charging Nothing (Price). Chris Anderson, editor-in-chief of Wired Magazine and author of Free: The Future of a Radical Price, says, “Many people are making lots of money by charging nothing.” Consider Zynga’s ‘social game’ app FarmVille which was played by 60 million people on social networks in one month. Business Week (November 2, 2009) reports that Zynga, which doesn’t charge users to play FarmVille, does sell digital crops, cattle, and farmland, and is making nine-figure annual revenues from 20 or more such games.
Practical Pointers: Extracting a sustainable business model from ‘free’ is not always easy. Get creative on how to convert attention into cash.
Leverage social media for your recovery. Revise your strategic plan, integrate new marketing strategies, and start 2010 with a roadmap to create the recovery. Seek expert help. It will pay for itself over and over again.