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Loss Leaders

  • By Lauri Paxton
  • 07 Nov, 2016
We’ve all gone to the grocery store in search of that one item that’s on sale – a deal too good to be true, but how often do we go into a store and come out with exactly that one item? Almost never! You may think that’s great for a retail establishment, but I have a restaurant or a professional service.
Placement of sale items within the stores can be strategically merchandised at the back of the store, or throughout the shelving locations causing customers to have to move throughout the store. Ever wonder why stores often reset their items? Or a grocery store remodels and moves things around and now a familiar candy isle no longer is in isle 3.

Loss Leaders can apply to almost any type of business.

For example, restaurantsmay serve a free appetizer with the purchase of an entrée, or a free beverage with the purchase of a sandwich. Restaurant staff should be trained on how to ask for the combo or loss leader to create a multi-item purchase.
Retail storescan bundle like accessories around the loss leader or in many cases limit quantities of the sale item – in some cases offering rain checks. Why do they do that? To bring customers back into the store again to pick up the loss leader item. And…while they are there – don’t you think they will be checking out the sale flyer?
If you have a professional service business, you may offer a complimentary meeting to review a customer’s needs or current situation.
As the holidays approach, we are already hearing about “ Early Black Friday Sales .” Consumers may choose to jump on the shopping frenzy bandwagon early. With the increased use of online shopping – brick and mortar stores must be creative in bringing customers into their stores.
As a small business owner – take advantage of Black Friday, Small Business Saturday and Cyber Monday.Plan your sales, manage your inventory and group accessories together for larger purchase. Identify those loss leaders that will bring people into your store to shop.
The most important thing is to measure your success! If you don’t write it down, you may be hard pressed to know what worked last holiday season. How many customers did that event or ad drive into your store. Let Loss Leaders help increase your profits this holiday season and into 2017.
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