Are Daily Deal Sites Worth It for Your Business

Are Daily Deal Sites Worth It for Your Business?

Putting an offer out on a deal site is risky.  There have been businesses that didn’t clarify their offer and lost their shirts.  Yet there are still businesses that still use this strategy to bring in a steady stream of customers. Make no mistake using Groupon or Livingsocial to promote your business can increase your customer base and provide some much needed cash but it is not without risks.

The Risks

If you’re looking to increase your bottom line then you should probably look at other marketing strategies.  The idea behind a daily deal site isn’t about immediate profits but more about putting you in touch with lots of people who have never tried your business before.  The problem is that most of these folks are deal hunters and won’t necessarily ever be back.

A Deal Gone Bad

An owner of a spa and wellness center put together a deal for Groupon at an incredibly low price and sold more than 1,000 deals in just one day.  Sounds pretty good right?  It wasn’t.  The profit for each of these packages was about $3.  What you would want out of this deal are good conversions, that is people who bought other services, was less than 1%.  Here are some more horror stories of Groupons gone bad.

Who They Actually Work For

Rice University actually did a study and found that less than half of the first time promotions actually generate profits or new business.  However it is not all bad news.

Groupon and other daily deal sites can work incredibly well for health and fitness providers, dentists, photographers, and doctors.  Before you jump into offering up a daily deal here is what you need to know.

Set up the Right Sales Funnel

  • Make sure you can use this deal to ensure future business either through upsells or cross sells. Know exactly what you want your customer to do once they buy your deal.
  • Create your own database of customers. One of the reasons for the success of these sites is that they retain the customer’s information or email and send them more deals in the future.  You need to do the same.
  • Get the details down. Make sure the expiration dates are clear, don’t use the deal during the busiest times of the day.

Deal sites aren’t for everybody or every business.  So don’t waste a lot of time and energy on these types of promotions, it is just a part of your marketing strategy not the whole strategy.

5 Coupon Sites You Need to Check Out

5 Coupon Sites You Need to Check Out

If you need to make your budget stretch then saving money is right up your alley.  One of the ways you can trim the budget is by clipping coupons, especially after watching Extreme Couponing on TLC.  Those guys manage to get hundreds of dollars’ worth of groceries for just a few dollars.  You can find lots of coupons in the Sunday flyers and from magazines.  Newspapers and other print media is dying a slow death and today you can find most of your coupons are now found on the internet.

There are apps and websites that put all kinds of deals in one place making finding those good deals much easier to find.  While there are hundreds of those sites only a few of them are actually worth your while.  Here are 5 coupon sites you need to check out.

Smart Source

This is one of the older coupon sites on the internet and is often used to filter coupons to smaller sites.  All you have to do is enter your zip code and it will give the deals that are nearby.  You will need a printer to print the coupons and then you’re off to shop.

Coupons.com

Probably the oldest site on the internet and it is one of the fastest to list discounts and deals.  This one is only good for US residents, so if you’re in Canada you won’t find deals here.

Retail Me Not

This site is more for your online shopping rather than printing and using them at local stores.  Retail Me Not offer coupon and discount codes for hundreds of different retailers.  Grab your coupon code and head over to your favorite online retailer and then apply it at the checkout and the discount is taken off your total.

eBates

eBates works very similarly to Retail Me Not in that you get discount codes to your favorite retailer but they also allow you to earn cash back.  Most of these coupon sites get a commission when they refer a customer to a retailer, eBates shares that commission with you.  They also give you the chance to donate the cash back to your favorite charity.

Slick Deals

This is less of a traditional coupon site and more of a forum where users share information on deals.  If there is a good deal then members will vote on deals to let you know they approve.  Any of the deals that are posted here have been approved by members of the forum.  They have deals on everything, clothes, electronics, furniture and appliances.  Anything you can think of that is sold online or in stores you can find here.