Do any of you offer loss leaders in your practice? If not, should you add them? What exactly is a loss leader? The term used to refer to items or services offered at a reduced price. Sometimes it is now used to describe a popular item or service that is sold at the normal price. The purpose of a loss leader is to bring in customers -- assuming that once they arrive, they will be inclined to purchase other items or services as well. Do not confuse loss leaders with bait and switches, as I feel this practice is unethical.
A loss leader could be considered a sales promotion or marketing concept. In a business such as aesthetics, it may be a service that doesn't bring in big bucks. Services that you may consider loss leaders may be airbrush spray tanning or spot treatment body wraps. While not high-dollar items, they bring a different clientele into your practice, who, once there, will take a look at your menu of services and possibly purchase those as well.Utilizing loss leaders is a time-honored practice that has been used with much success in many different types of businesses, including health care. The intent of this pricing strategy is to not only have the customer buy the (loss leader) sale item/service, but other products/services that are not discounted.
You may also use the concept of the loss leader by offering deep discounts on the days that are typically slow for you. You're not busy anyway, so why not have a glass that is half full as opposed to an empty glass?
Not using the loss leader concept? You might want to consider it.