Groupon Founder Talks About Success and Growth

Groupon Founder Talks About Success and Growth

By John Jantsch

Marketing podcast with Andrew Mason (Click to play or right click and “Save As” to download – Subscribe now via iTunes

This week’s guest on the Duct Tape Marketing Podcast is Groupon founder Andrew Mason. Groupon is a very unique service that allows individuals to collectively buy discounted, local products and services as long an enough people do it.

The way it works is that people sign up in their community to receive daily updates offering them the ability to buy a deeply discounted local product or service. The hyper-local deal of the day offering points the spotlight on businesses like a city guide with the trick of getting people to go out and experience their community.

Groupon has experienced tremendous success for several reasons. One local business only, enough people have to buy or get their friends to sign-up, and they have to pay for the coupon. So the business may get several hundred new paying customers to try their business. We all know that if you get someone in the door, there’s a great chance they turn into long term buyers. The fact that people pay money to try your business makes them a better prospect because them use the Groupon and then buy a nice bottle of wine.

In just 15 months over 3 million people have signed on, 180 employees now work at Groupon and millions of dollars are being saved and generated in the current list of 30 cities now served (project 80 by end of 2010.) Groupon takes a small piece of each Groupon sold and sends the business owner a check for the entire purchase.

Mason attributes tremendous word or mouth driven by the act of saving, viral social content, such as dining out, and the natural incentive to share so the deals tip.

Businesses are researched to insure faithful participation. Business owners can sign-up or simply learn more at Groupon Works.


Podcast
Why You Should Put Profit First
iTunes | Android | RSSMarketing Podcast with Mike Michalowicz Profit? What the heck is that? I’m just working for a salary. Unfortunately, that’s the problem with many businesses. When profit isn’t the goal there generally isn’t any profit and like so many things all that comes in used up. My guest for this week’s […]
Podcast
How to Network Effectively
iTunes | Android | RSSMarketing Podcast with Dave Delaney Networking has always been a powerful way to generate leads. In the same breath, it’s often seen as something to dread on both the hunting and being hunted fronts. People are very good at networking don’t even seem like they are doing it, they’re simply always […]

Subscribe to the Duct Tape Marketing Podcast

If you know your small business needs marketing, but don’t have the time or resources, look no further. The Duct Tape Marketing podcast covers everything from earning referrals to managing time and being more productive.

Looking to get your business higher search rankings, more exposure, and more leads?  This Local SEO Playbook will help

Focus on these five elements and you can expect great results from local search.

x