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.