No doubt you’re heard of Groupon: That’s the site that offers a special deal each day, but only IF enough people say they want the deal. And there are other group buying sites, too, such as LivingSocial. Even Facebook and The New York Times have jumped on the group buying bandwagon.
So how can this help your business? Here are 3 ideas you can implement immediately…
- Ask your customers which products you should develop. This can be as easy as using a like button or taking a survey. Let them know that the most popular choice(s) will be created and offered.
- Ask which of your current or previous products your customers would like to see offered at a discount. The winning product is placed on sale for 72 hours.
- Create scarcity. Suggest a new product you want to develop, but let your customers know it is ONLY available to those who put up their hands and show their desire, and then it’s only available to the first “X” number who ask for it. As soon as you hit that mark, close your offer and bill your customers. If any customer changes his or her mind and doesn’t consummate the sale, simply open it back up for a few minutes until those remaining slots are filled.
You are not only gauging interest with this last one, you are also creating scarcity. Plus you’re getting paid up front for a product you have not yet created.
NOTE: Be sure to create the product as quickly as possible, taking no more than 14 days to do so. Let your buyers know when they can expect delivery, and then make or beat the deadline.
Bottom line? Group buying is a great way to increase both customer interaction and sales.