Any business owner will tell you, the key to any level of business growth is through new customers. The more new customers you can acquire, the bigger your brand can become, and the larger our profit margins.
In a crowded marketplace with already established and dominant players, however, how do get your brand in front of new customers faces?
Coupons and Discount platforms – that’s how.
In the traditional world of consumer shopping, the process would go something like this:
- Consumer wants product
- Consumer makes a list of which stores stock their product
- Consumer attends each store to compare pricing
- Store with the lowest price and convenience of location for where the consumer now is, wins the business.
In the above model, small and upcoming businesses aren’t likely to get a second thought, let alone a first one. In the above traditional market, big business wins.
However, in 2008 when Groupon was founded, consumers were given a new platform to travel through when searching for items they wanted.
This platform was widely adopted by consumers in every country it launched because it appealed to the consumer who all want one thing – a discount. Sites like the Groupon Coupons page for Ticketmaster started to pop up to take advantage of the new consumer interest.
Modern consumers now follow a different path, such as this:
- Consumer wants product
- Consumer searches coupon page for stores offering a discount
- The consumer pays for the coupon (and therefore product) before even attending store.
- Consumer attends store, shows their phone with receipt, collects product.
As you can see from the above model, the advantage which big and established businesses had is gone. These platforms, which consumers are using every single day, provide an even playing field for businesses of all sizes to compete and win new customers.
For small and emerging business owners, this is nothing short of an ideal way to do business. By offering customers an initial discount, these stores can attract a myriad of new customers without taking out on advertisement or billboard.
For small businesses, this tool is invaluable for getting their brand in the faces of new customers. But more so, in the face of new customers who are actively seeking their products.
Whereas traditional marketing is a ‘hit and miss’ approach, coupon platforms and targeted discounts allow businesses to focus their efforts on areas they will see return.