The owner of a site which offers free products to consumers has shared his delight with PerformanceIN over a successful pitch on popular BBC TV show ‘Dragons’ Den’.
Deepak Tailor took to the Den in need of funding and awareness for his property - a site which allows brands to offer free trials of products to consumers. Latestfreestuff.co.uk was set up in Tailor’s bedroom and has since gone on to attract 500,000 visitors per month.
In a confident yet calm pitch, Tailor sparked a bidding war which was won by ‘Dragons’ Den’ veteran Deborah Meaden, who fended off competition from fellow panellists Sarah Willingham and Touker Suleyman by meeting a request for £50,000 in exchange for 10% equity in the business.
Speaking to PerformanceIN following the episode’s airing, Tailor said “it was an amazing feeling” to win.
“I first started watching the show when I was in school. That was the inspirational moment that started me on this entrepreneurial journey. To be on the show pitching my business in front of these multi-millionaires was great, but then to actually get three offers was a dream come true.”
A cut above the rest
Latestfreestuff.co.uk offers a range of products for its users to obtain for free. Products are occasionally exchanged for data from the acquirer – a sign-up to an email newsletter, for example – although there is plenty to be said for the site acting as a way for people to try before they buy.
The business has gone from strength to strength in recent years off the back of zero marketing spend – a fact which garnered plenty of praise from the Dragons.
However, things haven’t always been plain sailing for the site, which charges commission for the products and services distributed via its platform.
“When Dragons’ Den approached me to be on the show the only problem I had was trying to get more brands to take advantage of our platform. We had a brilliant and engaged user base who really liked to try new products, but we didn’t have enough companies who were aware that our service existed,” Tailor stated.
The site was born out of the entrepreneur’s use of similar sites, which he felt applied too much attention to advertising while boasting a poor selection of products to choose from.
Some of the active offers on latestfreestuff.co.uk include giveaways from Persil, Graze and Krispy Kreme.
“Really I saw a really big opportunity for brands to approach us before they launch new products to offer free samples exclusively to our members,” Tailor stated.
Looking ahead, Tailor sees his site acting as a way for brands to build awareness around their offering, much like they would through a TV commercial or newspaper advertisement. From Deepak’s perspective, awareness is also something he is looking to build in the future.
He informs PerformanceIN that his attendance at the Performance Marketing Insights conferences had helped him get connected with a number of well-known brands and that ‘Dragons’ Den’ would enable him to carry on in a similar vein.
“I knew the Dragons were really well-connected and could easily pick up the phone and set-up meetings with the brands we wanted to speak to.”
For anyone who missed it, click here and fast forward to 44:00 to see Deepak give a lesson in pitching.