Lessons from the 39 Cent Experiment
I just finished reading about Tom Locke's 39 Cent Experiment and I have to say that a few things pop into my mind:
1. The idea was brilliant – Tom sent 100 different companies a unique letter requesting something free.
2. Who has the time – especially to write unique letters, but also, if you read his experiment notes, the amount of time it took for him to locate 100 unique company addresses.
3. How difficult it was to find the company contact information: look at your product/marketing materials including your website – can a customer quickly find how to contact you in any method possible? phone, fax, email, website and address?
4. His rate of return was terrific – sent 100 letters, heard back from 60 and over half of those sent something FREE – Just for asking.
5. Why didn't all 60 that took the time to respond (also spending the 39 cents) send something free. Wrigley's gum for example: just how much would it have cost for them to send a coupon for a free pack of gum. No more than the 39 cents they spent telling Tom to go buy the gum himself. Think about it – how many people have read about Wrigley's refusing to give Tom gum – 100, 1,000, more? Now how much is it costing them to not give Tom a pack of gum?
Take the time to read about Tom's experiment – who gave free stuff and what they gave is interesting – but even more interesting is who refused.
Thanks Tom for your experiment, I think it has all taught us a lesson – if someone care enough about our product to ask for something free – send them something. What can it hurt? Truth be told – I think it hurts a whole lot more to refuse.
For the complete experiment: click here.
Operations | admin | 04 September 2006 |
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By Staci, September 6, 2006 @ 8:29 am
What an interesting experiment – shame on the “big boys” that rejected their consumers! Don’t you know who butters your bread?
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