The story of daily deals has been told again and again but here is a miniature version for the record;
“Andrew Mason started Groupon and made it worth 6-billion-offer from Google. Thousands of similar websites cropped up overtime. Time passed and daily deals idea started losing its sheen. Groupon fell and so did many others.”
The present situation is that entrepreneurs interested in the business model often think twice (even thrice) before investing in it.
Let’s find out whether the daily deals business model is worth your investment & time or not.
Worth investment if
You are present in a virgin market – If daily deals fever has not yet reached the specific physical location you wish to target, then, investment is worth considering. The business concept is not popular in many developing & developed countries with strong internet user base.
If you have such a location in mind, then, investing in a deals website is a safe & profitable bet.
You are thinking local – In case your dream is not to compete with the likes of Groupon and LivingSocial, then, the business is safe for you. Carefully select your target audience (that is, merchants) and also focus on what kind of deals might interest final buyers. Carving a niche has benefited many deals websites and the formula can work for you as well.
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You have a unique concept in mind – No matter how saturated the market is,there is always space for uniqueness. So, if you have a deals business idea that still hasn’t been put to practice, then, you have hit the jackpot.
You can solve real problems – Deal fatigue is something everyone receiving deals related emails can relate to. If you can come up with a unique way to handle it, you have a good chance to connect with final buyers. Similarly, creating tools to help merchants manage better can also help. Solving such issues will give your deals website an edge over others in the market.
Deals platforms can also act as a platform to introduce new businesses to people looking for new experiences & places to visit.
The discounted offer can be marketed as an ‘opening special’. This way, the business would have a better chance at dodging customer expectations of a discounted price on every visit. Such discounts can be similarly proposed on occasions like business anniversary and festive celebrations.
Bad investment if
You plan to be the same – There are hundreds of daily deals websites presently offering more or less the same kind of restaurant and spa deals. So, if yours will offer the same, gathering a user base would be pretty hard.
If you invest in a poor script- Settingup daily deals platforms have been made simple with scriptsbut building yours on a feature-scarce one will only bring trouble in the long run.
Similarly, a website that is not designed as per your needs will also act as a barrier. So, invest wisely when it comes to deals script. Visit link for further information.
Saying that daily deals model is flawed and it no longer holds the potential to make money would only be exaggeration. If you have the right and firm belief in the concept, you can make millions.
Related Post: How Daily Deals Brands Keep Merchants & Buyers Happy?