Once upon a time not very long ago it was widely reported that the coupon-site Groupon was about to launch an IPO priced at something like $30 billion. When Google offered Groupon $6 billion last December the founders of the company said thank you, no. But who’s crying now?
The New York Times reported yesterday (October 2) that the bloom is off the deal-of-the-day rose. Consumers (the small portion) who use them religiously do not turn out to have the brand loyalty that the deal-offerers were told they could expect. And so the news of the new media get-rich-quickest scheme turns out still to offer that cautionary tale: That sometimes the best way is the slow way. If 50% of your advertising works (and you never know which 50%), it probably does so by generating brand awareness, first. Then (because these are new times), you have to do something beyond a one-day deal to offer value. Make the experience that much sweeter. Give people indeed, something more. That elusive task which, yes, occasions more work, for those who do believe that work is its own (or future) reward. For the full New York Times story, read here.
