July 18, 2024

Lost Leader or Just Lost Money

Good Morning
Are you selling products or sevices that don’t make you any money and take up all your time?
Some 20 years ago when I was first starting out, I did business cards for customers; I designed and printed them. I made about $15-$20 for 1,000 cards. I put in 2-3 hours of work for that $20.00. Also I did not get a lot of follow-up work from it.
I found that offering business cards was not a profit center, but a money loser. To be fair, I know a number of businesses that use sales of busness cards as either a profit center or as the gateway to getting more business.
Most businesses have products or services that, like my business cards, they lose money on. Some are used as loss leaders to get people in the door. That’s OK, if that’s what they are and are used that way. If not, then stop offering them.
You will find that once you stop, you’ll free up time and resources that you can now use for your more profitable products.

Till Next Week –

Remember – Great Things Happen, But You Have To Take Action, NOW!

Philip Freedman

Doctor of Customer Retention