Like everyone else, I have been completely swept away by the Olympics. There is a pretty much unanimous agreement that London 2012 has been a huge success. Unfortunately, every Olympics have something negative they’re remembered for. And in London’s case, it will be the rows and rows of seats reserved for sponsors, officials, athletes families, and members of the "Olympic Family" that were left unoccupied.
There is one valuable lesson to be learnt from the "empty seats" fiasco that can be applied to business. If you give something away for free, regardless of how precious it is, it won’t be valued. The empty seats were the best in the house, and if they were offered for resale would have been worth an absolute fortune, but many of the ticket holders preferred to spend the day in their hotel rooms.
So next time you’re contemplating a discount or you’re thinking of giving something away for free, think about whether it will do anything at all for your long term relationship. Whilst give stuff away works for high volume, low value products, there’s a serious risk that it will devalue the service you provide.
