Free Prize Inside Book Summary - Free Prize Inside Book explained in key points
Listen to the Intro

Free Prize Inside summary

Seth Godin

The Next Big Marketing Idea

4.4 (115 ratings)
29 mins
Table of Contents

    Free Prize Inside
    Summary of 10 key ideas

    Audio & text in the Blinkist app
    Key idea 1 of 10

    Expensive advertising campaigns and big innovations are no longer a ticket to success. 

    Imagine you’re running a company that’s run into trouble. Your profits are stagnant, and your product is yesterday’s news. How do you turn things around? 

    Traditionally, you’d take one of two approaches. The first is to launch a major advertising campaign. Back in the twentieth century, this was enough to draw attention to your product. If people were ignoring your product on the store shelves, you could force them to pay attention to it through magazine ads or television commercials. 

    But in the twenty-first century, advertising has lost its power. There are so many ads and other forms of media vying for attention that they end up blending together like white noise. Most people just tune it out. 

    The key message here is: Expensive advertising campaigns and big innovations are no longer a ticket to success.   

    So what’s the alternative? That brings us to the second traditional approach, which is to try to come up with a big, game-changing innovation. The economic rationale here is simple. If you create a desirable product or service that no other company is currently capable of making or delivering, you can get away with charging a premium price for it. After all, you won’t have any pesky competition to worry about – at least until your rivals catch up to you. In the meantime, you’ll be raking in the cash all by yourself. 

    To corner a market and obtain high profit margins, many companies pour money into massive technology projects, product roll-outs, or research and development programs. The bigger the innovation, the bigger the potential pay-off, or so the thinking goes. Just imagine the money you could make if you created the next iPod of your industry! But there’s a flip side to this line of thinking: big innovations require big investments – and big investments lead to big gambles, which often go bust. 

    Back in the late 1990s, a telecommunications company called Iridium learned this lesson the hard way. They spent $3 billion on launching 66 communication satellites into orbit. It was a risky bet –  and it didn’t pay off. The company went bankrupt. 

    Here’s the problem: if you’re spending $3 billion on getting your product or service off the ground, you need to make $3 billion just to break even. The more you spend on big innovations, the more you raise your threshold for success, and the more you open yourself up to failure.

    Okay, so what’s the real alternative? You’ll find out the answer to that question in the next blink. 

    Want to see all full key ideas from Free Prize Inside?

    Key ideas in Free Prize Inside

    More knowledge in less time
    Read or listen
    Read or listen
    Get the key ideas from nonfiction bestsellers in minutes, not hours.
    Find your next read
    Find your next read
    Get book lists curated by experts and personalized recommendations.
    Shortcasts New
    We’ve teamed up with podcast creators to bring you key insights from podcasts.

    What is Free Prize Inside about?

    Free Prize Inside (2004) provides practical answers to one of the most pressing questions facing marketers, entrepreneurs, and business owners today: In a world where people no longer pay attention to traditional advertising, how can you stand out from the crowd and reach your audience? Seth Godin shows that by tapping into the power of small-scale innovations, you can make your product, service, or company so remarkable, it will generate enough buzz to break through the noise of modern life. 

    Best quote from Free Prize Inside

    Theres no correlation between how good your idea is and how likely the organization is to embrace it. 

    —Seth Godin
    example alt text

    Who should read Free Prize Inside?

    • Entrepreneurs seeking their next big idea  
    • Marketers searching for alternatives to traditional advertising 
    • Business owners wanting to give their product or service an edge

    About the Author

    Seth Godin is a best-selling author, public speaker, and entrepreneur. He has written 19 books, including the New York Times bestseller Tribes and the Wall Street Journal bestseller Purple Cow, which is the prequel to Free Prize Inside. He was the founder of Squidoo and Yoyodyne, as well as altMBA – an online leadership and management training program. In 2018, he was inducted into the Marketing Hall of Fame. 

    Categories with Free Prize Inside

    Books like Free Prize Inside

    People ❤️ Blinkist
    Sven O.

    It's highly addictive to get core insights on personally relevant topics without repetition or triviality. Added to that the apps ability to suggest kindred interests opens up a foundation of knowledge.

    Thi Viet Quynh N.

    Great app. Good selection of book summaries you can read or listen to while commuting. Instead of scrolling through your social media news feed, this is a much better way to spend your spare time in my opinion.

    Jonathan A.

    Life changing. The concept of being able to grasp a book's main point in such a short time truly opens multiple opportunities to grow every area of your life at a faster rate.

    Renee D.

    Great app. Addicting. Perfect for wait times, morning coffee, evening before bed. Extremely well written, thorough, easy to use.

    People also liked

    Start growing with Blinkist now
    28 Million
    Downloads on all platforms
    4.7 Stars
    Average ratings on iOS and Google Play
    Of Blinkist members create a better reading habit*
    *Based on survey data from Blinkist customers
    Powerful ideas from top nonfiction

    Try Blinkist to get the key ideas from 7,000+ bestselling nonfiction titles and podcasts. Listen or read in just 15 minutes.

    Start your free trial