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(Newsletter) What's Your 10-cent Wing Night?
Sent Friday, August 5, 2011
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What wings and marketing have in common. |
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Yesterday I posted about the social media buttons I offer on Etsy being my 10-cent wings. It's a long standing marketing strategy called a loss leader, but I like how Chris Brogan explains it in everyday terms:
What is your plate of 10-cent wings?
I bet if you looked closely at what you are doing you already have something that qualifies. It could be a:
Don't forget about this part! If you take a loss on one item, you've got to have a plan in place to come out ahead on the upsell.
Are you using your wings to get email addresses so customers get repeated exposure to you and your products? Emails are best, but Facebook likes, tweets, Pinterest re-pins...these are good too.
You can also go for product upsells by selling coordinating items with higher profit margins. For example a jeweler might offer a discount on earrings (the wings) when someone purchases a necklace (the beer). An artist could sell a low-cost calendar and get 12 months of exposure. A simple nudge, like a discount on a larger print, will drive in sales.
If you try something and it doesn't convert to the upsell or increased exposure - then change tactics and try something else. Don't be afraid to experiment until you find what works for you and your audience.
The last thing you want to do is to break your back for the cheapskates that order the wings and a glass of water.
Cheers,
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