Why And How Should You Use “The Loss Leader Strategy” In Your MLM Business
Previously, I gave a little insight into the “loss leader strategy” and how we see it being used every single day by other types of businesses. To briefly recap:
- you see it when grocery stores advertise a $1.99 gallon of milk to lure customers into the store, knowing that most of them will end up spending more than $1.99.
- you see it when fast food restaurants advertise a $1.00 sandwich, knowing that when customers come in they will end up buying more food items.
- you also see it when pizza places offer 3 or more pizzas for $5 each – they are taking a “loss” by offering such deals but they are betting on people taking them up on the offer for wings, breadsticks and/or soda
But what I DIDN’T talk about in that previous post was why Network Marketers are not using this strategy and why they should!
So why aren’t Network Marketers applying the loss leader strategy to their businesses?
There are a few reasons, one mainly being that most simply do not know better. But I’ll also tell you one other major reason why and it may be harsh, but it’s true…most Network Marketers suffer from a severe case of being too darned desperate! They want to promote their business up front even if it’s detrimental to their business. They’d rather keep pitching their deal to any and everyone who’ll listen (and even those who won’t) instead of offering an upfront, free-to-low cost SOLUTION to the problems that their target market (other Network Marketers) face in their business.
I have personally spoken with Network Marketers who, when I suggest to them that they should NOT lead with their company but rather lead with a loss leader or funded proposal, turn their noses up at the idea and even get a little bent out of shape! I’m guessing because in their mind they’re saying, “I signed on to push this business and that’s what I’m going to do!”
But the highly-successful marketers know better! And to give the benefit of the doubt, I will admit that at one time I was that way…I’m sure most of us can attest to that if we look back and be honest; however, when you learn better…be willing to step outside of the box and out of your comfort zone and do what 97% of Network Marketers won’t do and what the successful 3% have done!
So, why and how should you apply this loss leader strategy to YOUR Network Marketing business? Read the rest of this entry
To YOUR Success,
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Think about the last time you read the circular mailers and saw, “One Gallon of Milk Only $1.99 So, you see it and make a mad dash to the store to take advantage of this deal because your family LOVES milk…cookies and milk, cereal and milk, milk by the glassful, period! You arrive at the store and you head for the dairy aisle and on the way, you notice a display with boxes of cereal that are also on special – “Buy One, Get One FREE”! So you toss four or so boxes of that into your cart.
By the time you walk out of the store, you are going over your receipt and realize that what started out as a run to spend around $4.00 for a couple gallons of milk has turned into $40 for about 10 or more other items you didn’t intend to purchase!
In order to “lead with yourself” and not with your company or products you MUST, first of all, add value to yourself. In other words, pick up a book and read it; learn a new marketing skill and implement what you’ve learned. Then once you begin to absorb information that will help YOU in your business, you simply teach that information to others in the form of videos, articles, blog posts, forum posts, etc. Once you begin doing that, people begin to view you as an expert…a leader.
