Ok, so Chris Brogan did a post on this a few days ago and when I saw it, I thought it was genius. My next thought was that this would work very well in Toronto. There are tons of businesses, that provide good unique products and services, that need to generate more traffic through their doors or a new differentiating marketing channel.
It seems as though many of the businesses that have participated in the Groupon program are seeing the results with increased traffic to their locations and therefore increased sales through better exposure. After doing a bit of research on the Groupon site I came across this article titled Golden Football and the Economics of Groupon, penned by Evan Miller, it provides a great perspective on why businesses like Groupon are succesful. It will take you back to you College/University econ class – addressing supply and demand – but it is not too bad.
Would your business benefit from a service like Groupon? A significant amount of “invested” traffic can be generated with a service like this one; do you have a Groupon strategy that would enable you to successfully ride the wave of growth? Since we may have to wait for Groupon to get to Toronto, how can you implement a similar strategy to drive traffic?
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