What if there was a place where you could simply say ‘buy’ and hundreds of people did? That my friend is the power of Groupon and other group-shopping sites that have become increasing popular with consumers and entrepreneurs alike.
Have you tried Groupon? It works like this. Each day, depending on your city, there is a daily deal. Usually at 25-50% off the original price. The catch is to get that bargain a certain number of consumers also have to make the buy, too; otherwise no soap. Nobody gets the deal. It’s an amazing idea that helps small businesses expand their client base locally and helps customers get a great deal on things they want but might not otherwise buy. Just what the economy needed.
For instance, yesterday I got an annual membership to Company One, one of the theater troupes in Boston for a mere $59. Lucky me go one free tix to any of their season shows plus a discount for family and friends ( hubby can come, too) and a ticket to at least two galas. All for a paltry $59 bucks. That’s date night done on the cheap, for sure. I’ve also purchased tickets to the Great Urban Race, LazerZone (can you tell I have a teenage boy?) as well as pies and manicures. So, Groupon’s usefulness isn’t limited to products or services; it’s works for both.
Will it work for Wedding Business Owners?
I like the variety of services, products and experiences that flow through Groupon. Seems like any business could benefit, but that made me wonder: would it work for a wedding entrepreneur?
You know, I don’t know. It seems like they hit the right demographics: young singles in the late 20s. Still, there’s a lot to consider, including:
- What’s your current acquisition cost for getting a new bride on board? – You’d pay a percentage of the sale to Groupon, but no out-of-pocket expenses. Is that more or less then what you spend on magazine or display advertising? Would having access to the vast traffic of Groupon make a difference in your on-going traffic?
- Can you handle the rush of new business? – Petsi Pies has been inundated with new customers since they had their $20 of pie for only $10 deal (who can resist pie, honestly?). I know because I had to get up at 7:30 am this morning to place my order to use my Groupon. They’ll need to make adjustments to their website and ordering process to accomodate all the new folks. What would you have to change in your wedding business if Groupoon worked for you?
- Do Groupon users fit your market niche and brand? No doubt the idea of getting a ton more brides is compelling, but are they ‘your brides’, your ideal clients. If you niche is high-end, group buying sites probably aren’t for you. But if you’re just starting out…maybe.
Even if it turns out Groupon isn’t right for your wedding planning, photography or florist business (just to name a few biz types that could flourish on Groupon), just the analysis has to be good for your business. UPDATE: Thanks to Charlene, one of my darling readers, for sharing WEDOBO, essentially Groupon for weddings! It’s just starting out. Let’s check them out, shall we?
To succeed and stay in front of the market, you gotta be looking for ways to innovate your services and products to suit consumers now. Not a year ago, or even six months ago. What will attract brides to your business right now?!
Ready to try Groupon- here’s the info. Definitely check out the video on success stories!
I’d LOVE to hear from any wedding professionals who have used a group buying site like Groupon or LivingSocial or any of the others.
What was your experience? Did it help or hurt your business?
Today’s Groupon for Boston: indoor sky diving experience- how can I resist?
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Have you heard of http://www.wedobo.com? It is like groupon for weddings! It’s not available in all cities yet, but we have it here in Chicago, since it was started by a Chicago photography company (Artisan Events)
OOOhh, I hadn’t heard of that. Thanks, Charlene, for sharing. I’m gonna check it out.
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