What can a “Group-coupon” do for you?
2011/08/17 6:00 AM
Do you look at these "Group-coupon" style companies and wonder how they find vendors to showcase? How they get such great deals? And how come they don't know about you?
I have to admit I was feeling the same way and then one came knocking on my door (via email of course) about 2 months ago wanting to promote some of my Simply Sarah products. I know I keep a good secret right? Actually, I wanted to test it out so I could give you some tried and true knowledge about it. I have to admit I really liked it, was easy and sold 95 products in 2 days…….not bad for my first time and a relatively small group-buy company.
This wasn't a get-out-of-debt kind of situation for me, but I have some things I am looking to close out and discontinue so this was a great opportunity for me – especially since I didn't need to leave my office to arrange it! And for those of you who are wondering, yes I have closed stuff out to TJMAXX and do when possible, but they don't always want everything……darn it all.
So all in all I was pleased – but the funny part, was that I was contacted by four or five other companies who saw my product on this one and wanted to do a promotion as well. Some I am working with and others not, but I don't have stats to reveal yet as the programs have not all gone live.
If you are looking to do some promotions to get the word out about your product line and get some more national exposure, you might want to study and consider the options with some of these companies.
Mamapedia
Plumdistrict
Dealmoms
Your best deal
Kgbdeals
Kcrewards
Pdxrewards
Fox5rewards
If you've worked with others you like, please share with everyone!
Post a comment if you want direct connections!!
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There are 12 comments
Lindsay says: I wish you had talked about the financial aspect of these types of deals. I know a lot of smaller indie companies don’t run the numbers closely enough, and end up losing money when offering deals through sites like these.
Sure, it’s great to get a bunch of sales in a short period of time, but there are risks with offering deals like this. Have they made sure they are still turning a profit after the discount? Have they made sure they can handle the sudden influx of business?
Not to mention the mentality behind shoppers who frequent sites like this. Many of them are loyal only to the deals, not the shops that are offering them. It would have been nice to see suggestions on how to retain these customers, and get them to return purchasing at full price.
There were just so many aspects that should be considered when considering doing a deal like this, and none of them were discussed.
Hi1 I am also working with Lindsay W. 🙂 I wonder if this would be something good to use for the Brand that I am working with ? It is Rodan and Fields Dermatologists (creators of Proactiv) Would love to know your opinion?
Suzy Mac says: Thank you Sarah, for such great information;I have always wondered about these companies but never knew where to start!
Every time I get an email from you in my inbox, I know I am going to get very useful tips. 🙂
Suzy Mac
President,
Who’s Your Mommy, llc
http://www.ShapewearfortheBedroom.com
Great topic Sarah! We’ve had 3 experiences with group buying sites and have decided they definitely have some value. They allowed us to #1 build our bank account and purchase new inventory and #2 helped us to grow our email list so we can remarket to those already familiar with our product. With one deal on Savemore.com, we actually went viral on the internet and sold 5000 vouchers in 24 hours! And thats only because we capped it at that #! It was crazy but great at the same time. We’re entreprenettes… we like crazy, right? During that month, we had over 1/4 million hits on our site! Great SEO potential too. Cheers!
I have worked with a few of the companies listed and actually wrote an article on the topic for The Work at Home Woman blog.
Here is the link:
http://www.theworkathomewoman.com/how-small-businesses-can-profit-from-a-daily-deals-feature/
@Lisa, This could be a good way to make more people aware of the new brand. Some of these sites reach millions of women with a single push of a button.
@Lindsay – Thanks for bringing up those points. Yes, this is not for everyone……but not everything is right for everyone. I like to keep my topics short and leave room for more discussion like this. I agree, one must know that the margins are working, but that is up to each individual as some vendors may just be dumping excess stock and just wanting to make their cost back, while others are looking for larger exposure to their target market. I don’t think this would be a good move for someone who is looking to make “real margins” as that is impossible. These coupon sites are really intended to raise brand awareness and help bring in fresh eyes.
As far as turning these customers into long term buyers…..you get their email when they place the order on your site so at that point…..you do with it what you do with it…..I contact them again and again.
Sarah
Sarah, You mentioned getting their email when they order. That brought up a question for me. I have not ever automatically added customer emails to my newsletter list, instead I ask during checkout if they want to be added to our list. I know that some companies automatically add customers to their list without asking. What are your thoughts on that practice?
Hi Heather – I assume that if I purchase from a small’ish website that they will add me to their mailing list. Obviously large ones like Pottery Barn etc ask if you want to be added, but as a small company, I have never had anyone get mad for adding them and I’ve been doing it for 15 years……. if they want off, it’s easy to click unsubscribe. Bit if they are a happy customer, I find they are usually repeat buyers and glad to be on the list to get special deals, new products etc.
I haven’t done any of the large scale group sites, but have done 2 on the site Heartsy for handmade. The exposure has been great and influx of cash is helping me expand my business.
Interesting thought on the email list.
In Canada, at least, we have WagJag.com that offers major deals on a regular basis.
It definitely sounds like a worthwhile practice, especially for businesses that aren’t getting a lot of exposure and want to get their names out there. I have found some great companies that I’d do business with again thanks to sites like that. Great way of establishing relationships.
Hi Sarah,
I agree with what Melissa says. We are a new start-up daily deal site, but the difference is we are strictly B2B, so would definitely be worthwhile for businesses who cater to businesses.
What you did with your products is ultimately the benefit of daily deal sites, getting the word out to massive numbers of people. These people you hope will also share the deal and pass it on to their circle of friends.
I think it’s also a great way to create a network. At least with our site, it gives business owners the chance to build trust and relationships with one another, and do business with them again. I really think sites like these really benefit entrepreneurs because it helps them save money, when running an enterprise is no small task.
Every little bit helps. It seems though that the major difference between the successful sites and the not-so-successful are that the successful ones are ensuring they are fun as well as social. There are many other sites out there that aren’t’ doing so well, because they fall flat on that aspect.
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