Daily DIY: Understanding The Value Of Free
When you’re struggling to get a career in music going, its often hard to remember that giving your music away free may well be the most important tool you have to gather and retain fans. In this short video WIRED’s Chris Anderson, who has written a new book “Free” that will be released free on July 7th explains the current “free” revolution.
Anderson believes that converting users of a free version of a product to a perhaps upgraded paid version, is the key to making money. He sites a 5% conversion rate as reasonable. So to earn those 1000 True Fans needed to sustain your career, you may need as many as 20,000 on your email list.
How are you using free?
What do you think of the concept?