Do you remember the popular 70’s game show, Let’s Make a Deal? It was one of my favorites. The best game was when they would describe the most incredible prize and the contestant had to choose whether it was behind door #1, #2 or #3. The suspense was nerve racking, which door would that contestant choose? Then they made their final decision…”I’ll take door number one, Monty.”
Marketers and business owners are faced with a Let’s Make a Deal situation all the time when they need to create their online marketing campaigns. They could describe in great detail, just like the show, exactly what the best campaign will give them, but how will they achieve these results? What is the right solution? In our world of technology and with the vast resources on the internet there are so many options out there. Is the solution behind, door #1 the right one? Or are we choosing the first door based on it’s popularity? The hidden gem could be behind door number 3. Is it wise to select the one time deal, because everyone is picking it? Or should we pause and look at the bigger picture and decide more carefully.
We weighed in on what was the big deal about the one-time deal and we want to share our findings with you. Here are the facts:
Door 1) Popular Online /Group Coupons
Online companies like Groupon and Living Social are amazing coupon marketing concepts, offering their e-mail recipients relevant deals that have expiration dates as soon as 24-hours. But, what a lot of businesses are finding is that the cost can kill. These deals must be at least 50% off retail and then you pay 50% of what you make. You get in front of a lot of people which is great, but you are often met with “deal stalkers” that go in, use the deal and then move on. And your current customers are often left out because the deals are for only new customers.
Door 2) Social Media Promotions
Utilizing Twitter and Facebook and other social networks definitely pose as a double edge sword. Keeping up with conversations and engaging with your customers is something customers expect so you need to be doing it. It does requires a lot of time to come up with creative content to keep people engaged and it is hard to know if it’s driving sales. The biggest downside is that it can serve as a major distraction to running your business because you may start posting about your business and end up 30 minutes later reading about what Bill and Mary’s baby is cooing about.
Door 3) Social Incentive sharing
The latest phenomenon, is social incentive sharing which combines door number one’s social coupons with door number two’s social media sharing into an all encompassing campaign. For large enterprise level companies like Extole and NextBee provide this service, but be prepared to spend some serious cash. Expect Referrals offers social referrals for the rest of us. Businesses that like to keep maketing efforts in house and like do it yourself solutions, Expect Referrals is an awesome, easy to use tool.
As you probably realize we are partial to Door #3, because hey, its the easiest approach and you can track your ROI, new customers and its functionality can save you time, money and resources. Not to mention we think our own product is pretty cool. Try it and experience success!
If you are ready to implement a deal program, here are some ideas to get you started.
Try these tactics to start creating amazing sales of your own to gain new customers by offering 24-hour incentives like:
- Product discounts
- Featuring sales on new items
- Seasonal Specials
- Huge incentives for referring new customers