One of the commonly used and successful marketing strategies in the business world for customer attraction and upselling is called "Loss Leaders."
It involves offering a product or a few products at prices below cost. The goal of this strategy is to leverage the fact that a consumer who comes to a store to buy these loss leader products will also purchase additional items, from which the business makes a profit.
For example, in a supermarket, you can almost always find the lowest price for baby formula like Materna or Similac. In most cases, these prices are even lower than what they cost the store to purchase from the supplier.
Why do they do it? Because a mother who comes specifically to buy Similac at the supermarket is likely to leave with diapers, wipes, and more, where the supermarket profits.
How can you use this strategy in your business?
If you sell a product with various color variations, for example, take one of the colors that sells less and turn it into your loss leader. The price you offer for this product should be significantly lower than the market's average price, which will pique the interest of many customers and lead them to visit your product page.
Some customers will buy the loss leader product, and some of those who visit the page will opt for one of the more expensive color variations you offer. In this way, you increase the number of reviews and organic promotion for your product page.
This tip is written from personal experience. After using it with two different products, I experienced the same success.
Have a warm and pleasant weekend!
