Last month I wrote and produced a vlog on demographic data. I referenced the 2016…
Clarification of why “lost leader” as opposed to “loss leader”
Throughout MMC®’s site you will hear the term “lost leader” used as a marketing strategy. The proper (conventional) marketing term for this concept is “loss leader” (something sold at a loss in order to draw customers); although, I choose, to call this concept the “lost leader” and I choose to do so because my goal is to get you to identify with the concept using a more positive vocabulary. “Loss” infers no longer having something, e.g., sold at a loss (negative feeling); whereas, “lost” infers wasted or not taken advantage of.
I want you to look for the areas of your business that have been “wasted and not taken advantage of” as opposed to feeling you must suffer a “loss” in order to draw in new customers. It is not my goal to have you sell anything “at a loss” nor do I want you to conceptualize this concept as having to ‘lose” something to gain something, i.e., a trade. This is a concept of finding possible resources that may have been “wasted or not taken advantage of” and maximize their potential (positive feeling). You will “lose” nothing and you will gain new customers; hence the term, “lost leader”.
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