We've been hearing about the death of Groupon and the daily deals industry for a few months now. With reports of NOT paying out until coupons are redeemed, they just signed their name on the tomb stone according to conversations I've had with customers recently.
What does this mean for our industry?
Here are a few things that come to mind:
- It's actually a good thing. Groupon has been a business-killer from the start. The use of daily deals to attract one-time guests is like crack. You get a rush from having an influx of one-time guests and you get addicted to needing it—even though it's costing you more than you think.
- We need to change. We live in a world that's constantly changing, so we can't rely on what's worked in the past and expect for it to work. Instead of relying on other platforms that can change on any given day, you have to expand your own digital footprint.
- We need to rethink and re-evaluate our sales promotion strategy. As I mentioned in the video, the 5th P in the maketing mix should be People. Here's a post to give you some food for thought.
The bottom line is that the value we offer to our communities goes beyond making a quick buck. We're in it to create memories and amazing experiences. In order to do so, we need to keep our doors open and thrive.
Let's keep our eyes on the prize. Let's keep learning and adapting. Let's put the use of Groupon to rest.