It's vital for local businesses to set their own Groupon-style promotions because it can help them:
- Boost Visibility: Promotions attract more local customers and increase brand exposure, making the business more prominent in the community.
- Increase Sales: Discounts and deals entice new and returning customers, driving sales and revenue.
- Compete Effectively: Local businesses can stay competitive with larger chain stores by offering compelling promotions and capturing a share of the market.
- Customer Acquisition: These promotions help in acquiring new customers, and if they have a positive experience, they may become loyal patrons.
- Build Loyalty: Offering exclusive discounts to local customers can foster loyalty and repeat business.
- Clear Inventory: It's a great way to move surplus inventory or fill empty time slots for service-based businesses.
- Data Collection: Promotions can be used to gather customer data and insights, aiding in future marketing efforts.
- Community Engagement: By offering deals, local businesses demonstrate their commitment to the community and can build positive relationships.
In summary, setting Groupon-style promotions allows local businesses to stand out, attract customers, and remain competitive, ultimately contributing to their growth and success.
Here are some facts and figures supporting the importance of local brick and mortar businesses setting their own Groupon-style promotions:
- Increased Revenue: A study by Rice University found that businesses that offer daily deals, similar to Groupon, typically experience a 15% increase in revenue.
- Customer Acquisition: According to a survey by MerchantCircle, 55% of small businesses consider daily deals and promotions effective for customer acquisition.
- Customer Spending: Research by Groupon itself shows that customers who redeem Groupon promotions tend to spend 60% more than the voucher's value, providing a significant revenue boost for businesses.
- Competitive Advantage: A survey by Manta revealed that 90% of small businesses see offering discounts and promotions as a competitive advantage.
- Brand Exposure: A report by The Wall Street Journal highlighted that Groupon-style promotions can bring businesses substantial exposure, often reaching hundreds or thousands of potential customers.
- Local Customer Base: Local businesses can tap into their immediate community, and the Local Search Association reports that 78% of local mobile searches lead to offline purchases.
- Customer Loyalty: 80% of consumers in a survey by First Data reported that they were more likely to do business with a company offering personalized promotions.
- Data Collection: Promotions offer an opportunity for businesses to collect valuable customer data, which can be used for future marketing efforts.
These facts and figures illustrate the tangible benefits of local businesses setting their own Groupon-style promotions, including revenue growth, customer acquisition, competitive advantage, and increased brand exposure.
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