Many service professionals, small business owners and SOHO especially consultants and executive coaches engage in the marketing practice of lost leaders. This marketing strategy is to attract people to them with the belief that give them something free and they will buy. Unfortunately, the reality is unless the person receiving this "freebie" is a qualified potential customer (a.k.a. prospect) the likelihood of a sale is almost as far away as without the free offer. Sales Coaching Tip: Build it and they will come is not a viable strategy to increase sales.
Lost leaders can be seen in many retail stores from grocery to clothing to even restaurants. There are even some specific days such as Black Friday where the premise is all about giving something away at below cost.
The essential problem with this marketing strategy is that is creates a lost sale belief. If, I as a sales professional believe my service is a lost leader, then why should I be surprised when I do not earn the sale. Sales Coaching Tip: You receive what you believe.
For those who engage in this practice, a better way to think internally which is always reflected consciously or subconsciously externally is delayed billing. Yes you will give this individual something free that is value added laden. However, upon completion of whatever the free offering is, this person will become a client and thus you are only delaying the billing for your services.
Let me share with you one example in case you are confused. Many executive coaches and even some consultants provide a free coaching or consulting session. Some of these folks may actually throw in an assessment to sweeten the offer. This assessment may actually cost them some hard cash usually under $25. The conscious belief is so what it is just $20 bucks and I spend that on lunch while the unconscious belief is No big deal if I do not get the sale. This unconscious belief I believe is the sales killer because you as the salesperson are broadcasting this without even knowing it.
When you adopt the delayed billing belief, you are now broadcasting subconsciously to the other person that you believe he or she is a potential client. Your body language is now in congruency with that belief as is your verbal communications.
Within the education based marketing approach, lost leaders are one proven strategy provided the free offering has incredible value and is being offered to a potentially qualified customer. If you are engaged in this strategy, then stop thinking lost leaders and begin to think delayed billing and realize your goal to increase sales.
Are the sales behaviors of your team or even yourself where you want them to be? If not, then you may discover an easy read on how to increase sales in this book, Be the Red Jacket in the Sea of Gray Suits, the Keys to Unlocking Sales Success including looking at your individual behaviors.
Free sales skills assessment by Chicago Sales Coach Leanne Hoagland-Smith who helps with sales coaching, leadership to sales management development.
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