Deep discounting might seem like a good idea to attract more customers and increase revenue, especially during slow periods. However, a study by Business Insider shows that discounting programs like Groupon can actually hurt your business in the long run.
The study found that many Groupon customers expect 50-75% discounts, which can result in reduced revenues for businesses. Additionally, businesses may only keep 25-50% of the revenue from Groupon campaigns, leading to lower profits that are not sustainable in the long term.
Furthermore, many Groupon users do not become loyal customers and are unlikely to use Groupon again or recommend it to others.
Instead of relying on discounts, focus on creating a positive overall customer experience. Marketing Psychology expert Jeanette McMurtry explains that customers value feeling appreciated and valued by a business, regardless of price.
If you're struggling to attract or retain customers, consider using our marketing strategy app to assess your business and identify areas for improvement. This way, you can grow your business without relying on promotions that may ultimately lose you money.
With our Marketing Strategy app, you can rest assured that your marketing decisions will produce better results for your business, and you can spend more time doing what you love. And with a 7-day free all-access trial, you have no risk.
#SmallBusinessMarketingTips #AffordableMarketingStrategies #EasyMarketingTips #DIYMarketing #MarketingForSmallBusinesses #BusinessGrowthTips #NoMarketingExperienceNeeded #MarketingOnABudget #GrowYourBusiness #MarketingSuccess #EntrepreneurTips #MarketingForStartups #MarketingHacks #MarketingTricks #MarketingAdvice #MarketingIdeas #MarketingStrategyTips #hairsalon #cafe #vet #restaurant #retail #fitness #consulting #mechanic #catering #spa #accountant #independentretail #coach #trainer #construction #bookkeeper #services #cleaning #nails
Comments