So I was listening to the radio and there are these two people who go buy the name America’s cheapest family and they said something that reminded me that marketing is all around us. If you go to a grocery store, you will undoubtedly see turkeys on sale at unbelievable prices. Just know that those poor turkeys are just the loss leader to get you in to the store.
Not only are those birds going to be your Thanksgiving meal, but at bottom dollar prices. Why? Because the store owners know that if they can get you in to the store, then you are more likely to spend more money.
As I said before, this is the classic loss leader. Now here is what we can learn from this masterpiece in marketing.
One, don’t be afraid to make a killer offer to get them in to your funnel. Yes you may lose money on the front end, but if you execute the loss leader correctly, your profits will grow on the back end, because you can offer your customer other products that will complement the initial offer.
Two, take note of what the big boys are doing. If you are just a start up biz, take note of the marketing that the big companies are using, because you might just find that in most cases, those companies are just going back to basics, and using strategies such as the loss leader to bring in more sales.
Wake up and smell the marketing. Realize that all around you, where ever you go, someone is marketing whether it be the hot dog vendor down the street, the church trying to draw people in to their Sunday morning service, or the local grocery store offering that killer sale on that turkey.