Can you build a business with a Groupon approach?

Groupon has been in the news quite a bit lately. So much so that many stories now take it for granted that you know what it’s all about.

So here’s a brief overview of how is works:

You offer a product or service at a substantial discount ONLY if a certain number of consumers agree to buy the product or service you’re offering.

To put it in speaker terms, if you’re holding a public seminar or workshop that would usually cost an individual $900 to attend, you might offer members of Groupon that same seminar or workshop for $300 if 25 people sign up.

The kicker of course is that Groupon also takes 50% of that $300. So each attendee is really only bringing you $150. This might be great if you’re just trying to put bums in seats, but can you really build a business on this model?

I actually think you can. Only not through Groupon.

What if you could have a Groupon-like widget on your own site that you could apply to all your products?

Imagine the potential.

An email blast to your database for a full-day workshop. It costs $1200 per person. But if 40 people sign-up in the next 7 days, the price falls to $600. Uses some social media – Facebook Like and Share, Tweet this etc. And you might be able to fill a room faster than you ever have before.

And if you don’t sell those 40 spots, those who have signed up are paying full price.

Groupon has proved it’s not a crazy idea for it’s business. And I think it could also work for yours!

Here’s my “Deal of the Day”

I currently offer a one hour web marketing consultation over the phone. It comes with a full content analysis as well as a report filled with links and tools you can use to help your business thrive online.

I charge $300 for this service. If I can get over 15 people who want this service – I’ll do it for $150.

That’s 50% off. A great value for an actionable list of stuff you can implement yourself.

Comment below or send me a note on Linkedin.

This offer expires on Monday, April 25th 2011 @ 3pm.

Aidan Crawford

Aidan Crawford is president of Short Circuit Media. His main job is helping consultants, trainers and professional speakers get their marketing in order by creating and implementing strategies to help them reach their target audiences.

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