Unlocking Generosity: How Networkers Embrace the Sharing Economy

Over the years, I've heard countless times the advice: "Don't give away your products or services, don't share your specialized knowledge, don't waste your valuable time. Charge for it! You need to make a living!"

But I'm not talking about giveaways like swag, promotional items, or inexpensive freebies. I'm talking about giving away your valuable products, services, knowledge, and skills.

This idea gained traction with the rise of the sharing economy.

The sharing economy involves sharing access to goods and services. While sharing economies have existed throughout history, today's sharing economy often operates through online platforms that connect owners and users. These platforms act as matchmakers between those who want to share assets and those who want access to them.

Initially, the sharing economy aimed to utilize idle assets. However, its growth has led to a model less centered around sharing. Instead, contractors use sharing platforms to establish full-time businesses, resembling the commercial services the sharing economy sought to replace.

Examples include Uber, Airbnb, and Zipcar. While some participants appreciate the newfound freedom and flexibility, it also enables businesses to move away from hiring full-time workers, leading to fewer stable job opportunities with benefits like regular pay and health insurance.

In response, many professionals have begun to give away or gift their assets.

This has given rise to the gift economy, where participants don't charge money for what they share or do. Instead, it's organized around principles of community support and sustainable reuse.

Examples of the gift economy include initiatives like The Buy Nothing Project, Little Free Library, and online communities like Reddit or Digg, where users can gift each other virtual items or points for their contributions to the community.

I recently came across a post byJasmin Alic that caught my eye:

So, does a giveaway strategy = a profitable business model?

Yes … and no.

SOLUTION: Strategic Giving

For many of us, giving has become more of a critical strategy than ever.

After all, we’ve seen giveaways for a long time:

• Complimentary sessions

• Free estimates

• Samples

But today, giving things away has become more of a norm.

Almost expected.

That poses a serious dilemma.

Won’t people take advantage of us?

Won’t we eventually go out of business if we giveaway the value we offer?

Maybe, but only if we aren’t strategic with our giveaways.

For example, here are some professionals I knew that had tremendous success with the following giveaway strategies:

A course creator who gave away a mini-course he created.

Why?

Because he calculated 15% of those who took it would purchase his flagship course.

Result: He generated over $1.5 million in revenue.

A financial planner offered to give away a 1-hour personal consultation and analysis.

Why?

Because he set the criteria that the respective person must have a net worth of at least $1 million.

Result: He doubled his clientele within 18 months with high net worth clients.

A social networker who would give away all his secret strategies and valuable tips to his followers.

Why?

He wanted to help people and establish himself as an expert and authority in his field.

Result: He tripled his consulting clients and generated over 250,000 followers.

Don’t be afraid to giveaway your value.

Just be strategic about it.

- Michael

https://www.mikehomesweethomes.com