The loss leader definition years ago was a strategy used by big brand companies (especially retailers), who sold products at deep discounts to attract customers to come into their stores? Their intention and hope was that customers would purchase other products.

 

Today’s world of loss leaders has the same end-goal, but with new opportunities for companies to sell products or services. As content has changed within text, video and audio, consider the following loss leaders to your specific business.

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3 loss leader platforms to increase your brand:

  1. Publish a Book
  2. Podcast
  3. Free Products – not just discounts

 

Books: It’s still surprising how many authors think that the book they are writing will make money immediately and not face the reality that a book in most cases is a loss leader. In rare circumstances will it become a national or global hit with larger royalties and a book contract.   Consider what the result of publishing the book can do for your brand and launch other longer-term revenue opportunities.   The common cross over opportunities of “authority status” of books include speaking gigs and consulting projects.

 

Podcast – Clearly the podcast is one of the best outlets to get a message out to your tribe. Simply, the podcast is audio broadcasting on the Internet and a great way to reach audiences specific to your space.   Podcasts are not expensive to set up and most will begin as loss leaders until listening audience increases. Potentially opportunities may include landing paid podcast sponsors. The podcast strategy has a long tail and requires time.

 

Free Products or Services – Today’s marketing has moved beyond deep discounts to the world of FREE.   Content, products and service offerings can be packaged at no cost to specific targeted groups and buyer persona’s.   “Buyers Personas help us all — in marketing, sales, product, and services — internalize the ideal customer we’re trying to attract, and relate to our customers as real humans. Having a deep understanding of your buyer persona(s) is critical to driving content creation, product development, sales follow up, and really anything that relates to customer acquisition and retention.” Hubspot

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The key with any Loss Leader is to be consistent, truthful and RELENTLESS with your message.  Don’t ever give up.