Get the Groupon Before it’s Gone
by Ali Birston ~ March 9th, 2011. Filed under: Comm 296.
If you’re the type of person who likes to search for a deal then I’m sure you’ve heard of Groupon, but for those who are still out of the loop, here’s how it works.
What started off as a simple enough concept has turned into a mega-successful phenomenon that has got everyone hooked on deals. According to the New York Times, “in just over two years, Groupon has accumulated 60 million subscribers, more than $1 billion in venture capital and $760 million in annual revenue to become the fastest-growing Web company ever.” What’s even more shocking is that last December, Groupon declined a 6 billion dollar offer from Google.
Groupon caters to many different types of consumers due to their wide variety of daily coupons; however, they are also strategic in that they are able to personalize deals for individuals based on specific geographic and demographic variables. In addition, by integrating with various social media platforms such as Facebook, Groupon allows you to share deals with friends and also gives you incentives to refer friends by offering you Groupon Bucks as a reward.
By offering such massive discounts (most over 50% off) you’d think that companies would lose money by offering coupons, however, the brand and company awareness that Groupon indirectly provides businesses is undeniable and the resulting buzz created from consumers is invaluable. Offering such amazing deals also increases that business’ sales exponentially and once a customer is satisfied with one experience at that company they may become loyal customers who purchase products on a regular basis.
I know that I have been enticed to buy some of Groupon’s featured deals of the day such as a coupon for bungee jumping in Whistler, and if you have yet to jump on this bandwagon I strongly suggest you do before the best deals are gone!
Photo from: Best Android Apps Review
Article from: The New York Times