What are Daily Deals – How can Your Business Use Them?

Nov 22
09:18

2011

Bob B. Hamilton

Bob B. Hamilton

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People love discounts. They love saving money even more now that the economy has taken a turn for the worse. That is one reason you should consider using daily deals to increase business.

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People love discounts.  They love saving money even more now that the economy has taken a turn for the worse.  That is one reason you should consider using daily deals to increase business.  You will offer a special deal on various products or services in an attempt to get more customers in the door.

There are various sites which list these daily deals for the cities and regions they serve.  Living Social and Groupon are currently two of the most popular.  For example,What are Daily Deals – How can Your Business Use Them? Articles members of these sites can find discounts on restaurants, theaters, tire shops, etc.  Whether you can benefit from offering a daily deal depends on the type of business you have.

These websites have a huge database of account holders.  Therefore, offering a daily deal will be helpful for marketing purposes.  If you have yet to establish your business then a lot more people will learn about its existence whenever you offer a deal on one of these websites.  If after trying your offerings and seeing they like it you will likely have earned a repeat customer.

You may have certain products which are just sitting on your shelves not making any money.  You can get rid of some of these products by offering a discount on them.  If they are not making any money at the current price then you could at least get part of your investment back.

It is very important for you to think things through before offering one of these daily deals.  Be careful when offering something for free.  Many people will come in only for the freebie then leave.  You can lose a lot of money if this happens.

Offering a discount when people purchase a specific amount of goods may be a good alternative to consider.  For example, you could offer customers 50% off whenever they spend $50 or more.  This will increase the chances of customers spending more money whenever they come in.  Try to cross-sell some of your other products or services while offering the daily deal.

You may even want to space things out.  You could offer customers $10 or $20 off their purchase for the next three visits.  This is a great way to get recurring customers.

Before offering one of these daily deals you should be prepared to deal with the consequences.  If things work out favorably your business will experience a surge of customers.  Make sure you and your employees are ready to handle it when it comes.