Cover art for podcast Badass Business Owners

Badass Business Owners

566 EpisodesProduced by Tammy AdamsWebsite

Badass Business Owners Know Their Business Numbers. They are Small Business Owners serving their local communities who are tired of living job to job and want to grow their business income & their personal income. If it seems like the harder you work, you still can't seem to grow your profits as fas… read more

13:19

Ep 30 - What Are Loss Leaders and Why Your Small Business Needs Them

Episode 30 – The Local Small Business Coach Podcast

Today’s Topic:  What Are Loss Leaders and Why Your Small Business Needs Them 

 

In today’s episode: We discuss what loss leaders are and how they can help you drive your sales and more importantly your profits!

 

Shownotes:

Let’s dive into today’s topic. – Loss Leaders.

 

Now, unless you come from a big box retailer, you might be wondering what the heck a loss leader is.  Basically, a lost leader is a product or service that you have that you know you will not make any money or at least a very little amount, but you know it is a gateway to additional products or service that will make great add on items or project completers.

For example, a home improvement store will sell drywall around cost but they are hoping you will get the drywall mud, tape and tools which typically has a much higher margin thus more profit.

You see this with the dollar menu at many fast food places. These items are not high margin but they are gateways to frequency and upgrades or add on items.

 

Each business needs to have a loss leader or two that they can use in a similar fashion.

Your loss leader can do one of the following:

  1. Drive traffic to your business since you will be the best price the best in town
  2. Be a Project Starter that you can pile on top of
  3. Increase frequency of use

Let’s take a look at each and what might work for you and your business.

 

**  For the full show notes click the link below!

 

HELPFUL LINKS

Podcast Website: LocalSmallBusinessCoach.com

Leave your Message on the website with the Speak Pipe Button or just email me at Tammy@LocalSmallBusinessCoach.com

Episode Show Notes:  Episode 30 - Local Small Business Coach Podcast

Our Training Materials for Local Small Business Owners:  TrainingforLocalSmallBusinessOwners.com

Starting a Local Small Business Website:  StartALocalSmallBusiness.com

Educational emoji reaction

Educational

Interesting emoji reaction

Interesting

Funny emoji reaction

Funny

Agree emoji reaction

Agree

Love emoji reaction

Love

Wow emoji reaction

Wow

Are you the creator of this podcast?

Verify your account

and pick the featured episodes for your show.

Listen to Badass Business Owners

RadioPublic

A free podcast app for iPhone and Android

  • User-created playlists and collections
  • Download episodes while on WiFi to listen without using mobile data
  • Stream podcast episodes without waiting for a download
  • Queue episodes to create a personal continuous playlist
RadioPublic on iOS and Android
Or by RSS
RSS feed
https://localsmallbusinesscoachpodcast.com/radiopublic

Connect with listeners

Podcasters use the RadioPublic listener relationship platform to build lasting connections with fans

Yes, let's begin connecting
Browser window

Find new listeners

  • A dedicated website for your podcast
  • Web embed players designed to convert visitors to listeners in the RadioPublic apps for iPhone and Android
Clicking mouse cursor

Understand your audience

  • Capture listener activity with affinity scores
  • Measure your promotional campaigns and integrate with Google and Facebook analytics
Graph of increasing value

Engage your fanbase

  • Deliver timely Calls To Action, including email acquistion for your mailing list
  • Share exactly the right moment in an episode via text, email, and social media
Icon of cellphone with money

Make money

  • Tip and transfer funds directly to podcastsers
  • Earn money for qualified plays in the RadioPublic apps with Paid Listens