Gap made 11 million dollars in a single day due to a simple Groupon coupon. Shocking, right?
Maybe you’re not sure exactly what Groupon is. I’ll explain.
Groupon is a website that features a daily deal specific to a certain geographic region. Once an individual subscribes to the site, an email explaining the deal is sent to them each day. Trust me, you probably want to subscribe. Some of these deals are simply irresistible. Others, though, are quite resistible. In order for the daily Groupon to be valid, a certain number of individuals must first purchase the deal. If the set number is not met, no one gets the deal. Period. This method is highly beneficial, ensuring that the said company actually makes some money. Groupon then receives a small share of the dollars taken in.
One complaint that should be mentioned, however, is that each deal must be discounted at least 50%. This means that it would be best to do a Groupon daily deal earlier in ticket sales rather than later ensuring that those customers who purchase early aren’t missing out. Whether, you choose to discount a 3-day general admission ticket or a single day pass, you’ll probably make some money from this gig.
Obviously a retail store such as Gap is a bit different than a music festival. Regardless, it is something your festival should consider.
By the way, I was serious when I said you should subscribe. Not only should you subscribe, you should also take a few minutes to look at the “How Groupon Works” portion of the website. Please.
www.groupon.com
