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SOCIAL MEDIA, Social Sites

Social Media A to Z Series: D is for Deals and Discounts! What You Should Know


 For “D” I could have said Diggs, Delicious, Distribution and more! For the social media scholars amongst us these examples would be fitting. But by way of introductions, surely it must be about the Deals and Discounts! They have become so popular and have  exploded over the past couple of years. At the same time the total landscape seems to change daily. Yes, I must talk about D is for Deals and Discounts!

What discounts?!

  • Discount sites have just grown exponentially.
  • Sites like CheaptweetCoupontweet offer discounts on a whole array of products and services.
  • Many businesses are using twitter to communicate special deals on given days or season.
  • Then there are  sites such as Groupon and LivingSocial. These sites offer significant discounts that can vary from 50-90%  off the original price, just as long as  they can attract a certain number of people  to “sign” up for the deal. The deal usually has an expiry date associated with it which can be a few months to up to a year.
  • Relatively new is WagJag, similar to Groupon and LivingSocial. WagJag features a daily deals and discounts in your city for a limited time; if enough people join the group and spreads the word, the deal is on. You can the retrieve a printable electronic voucher. Having said that Groupon has recently introduce a similar deal to WagJag  known as “Groupon Now” where  hundreds of deals are given on demand at a nearby city for that  very day.
  • Many Business pages of social network sites, such as Facebook, give special discounts to their fans
  • Facebook had its own Facebook Deals but it was short-lived.
  • Foursquare provides an ongoing conversation with your contacts  as you “check-in to” places and provide your own reviews. There are also many discount categories and types associated with   business owners listed with Foursquare. For example there are discounts for first visits; friend discounts;loyalty discounts and it goes on and on and on.


Why is this considered “social media” discounts?

Many of these social media sites provide the ability for customers to provide feedback and share their experience with others on their sites.

  • You can vote on a deal to indicate that you liked it..
  • You can provide comments and share additional context regarding your experience
  • You can ask questions about the deal on this social site.
  • You can post these deals to your network and continue the conversation there.
  • Groupon encourages this sharing  by providing further incentives to those who do. To-date Groupon has 115+ million subscribers  and this is not slowing down. Though there seems to be some turbulence in their business model. As I said, the landscape is evolving.
  • Facebook also encourages the sharing of the experience- again demonstrating the social aspects of “deal sharing”.

Why do businesses give these discounts? What is the catch?

  • Dell, Amazon and Starbucks have won large followings online by using social media to present regular deals and discounts. Starbucks, for example, has gained nearly 5 million fans on Facebook. They did this by frequently sharing coupons about free products and discounts.
  • Business owners increase customer awareness and traffic to their establishment.
  • They  can gain new customers to build a new business and customers win with these basement bargain deals.
  • New business owner may use this to introduce their expertise in a given area.
  • Business owners can also take advantage of issuing these deals during their off-peak periods.

Caution 

As I mentioned earlier, the social discount landscape seems to be changing daily. It is certainly early in its evolution and has somewhat of a wild west flavor as we all develop our competency in this arena.

To my business owners, providing discounts is a great way to increase visibility of your business. However it is a very important that you plan for the volume and the price-point that you have established. Nothing draws a crowd  like a free item. So an item or service at rock bottom price-  is close to being free and therefore you need to prepare! As a result, having the right service, support and marketing plan are critical to your overall success.

To my customers, this is a great way to stretch your money and experience services or items that perhaps would not be considered otherwise. Be fair with your comments and feedback.

Here are a few social media links to those savings and for you to explore:

  1. http://cheaptweet.com/
  2. http://www.coupontweet.com/
  3. http://www.groupon.com
  4. http://livingsocial.com
  5. http://www.wagjag.com/
  6. https://foursquare.com/

Come back and share your experience or perhaps you can share it now with this poll

If you enjoyed this post,  click the like buttons below and do share it with your network and encourage them to join us! The more the merrier.

Thank you again!

Shirley


Photo: stumbledupon/ circlekb

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About Shirley Williams

I have a passion to create, resolve and build.I have had a pretty dynamic career that some say has led to a solid reputation as a visionary, result-driven and passionate leader. I say, simplify the complexity, work WITH people and you have a formula that not only deliver results but forms bonds that will stand the test of time. I have led numerous initiatives with a geographical scope that has included Canada, US, The South Americas,Europe and Australia. My professional career spans Biotechnology, Brand & Generic Pharmaceuticals, IBM Business Consulting Services, Healthcare, Retail, Electronics, more recently Mining and now Social Media. I am a biochemist and have a Master of Scence degree in endocrine pharmacology. I am a certified practitioner and professional in Change Management (Prosci), Project Management (PMP/PMI) and Social Media (OMCP, Online Marketing Certified Professional). So that makes my full title to be: Shirley Williams, MSc. PMP. CMC. OCMP. Having spent many years in the LifeSciences (you can check my career profile on Linkedin ) I have now directed my attention to bridging strategy and goals with social media. Loving it! In fact I am passionate about it. I have also produced and currently host my own internet radio show. My programs to-date have included Rise Of The Patient and Give Startups A Chance. I consider myself as an Experience Enabler. I facilitate and advocate for improved experience from the consumer perspective. Thank you for stopping by to check me out!

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  1. Pingback: Breaking Down The Complexity of Social Media: A to Z Series « Social Media Pearls: Welcome! - September 3, 2011

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