The document summarizes David Wolfe's presentation on the daily deals market to the DMCNY Breakfast Series. It covers the history and structure of the market, profiles of consumers and merchants, popular deal categories, revenue trends including Groupon's S1 filing, challenges facing the industry, and questions about the future of the market. Key points include how daily deals connect local businesses with customers through discounted promotions, the dominance of females ages 25-40 among deal buyers, and concerns about whether email marketing and merchant profit margins can be sustained at scale.
Update: I have added two slides towards the end discussing the IPO
This is a presentation I made for my students. It covers different aspects of Groupon case, including marketing, finance, accounting, and corporate governance.
Mobile Engagement - Moving Beyond Transactions to InteractionsStarmount
Not since the Internet have we seen a more disruptive technology to the retail landscape than mobile. With Nielsen projecting that smartphones will make up more than half of all phones in the U.S. by the end of 2011, the rise of the mobile-enabled shopper is rapidly growing. Consumers are using their mobile devices for product research, price comparison and purchases, with store associates now serving customers that may know more about the particular products offered inside the store than they do.
The democratization of mobile technologies has fundamentally shifted the ROI model for retailers. Smart phones are now commodities, wireless standards have simplified network configuration, and users have demanded best of breed interface design. This technology shift enables retailers to re-think their customer interaction model and equip associates with devices and data typically found behind the cash wrap to anywhere on the store floor. Mobile solutions empower the store associate with richer information to serve customers while delivering a more personalized, efficient interaction from point-of-interest to point-of-sale. In this session, learn about the key considerations for deploying mobile inside your stores, from stakeholder success to extending your existing POS infrastructure efficiently, effectively, and securely.
Paul Cubbon prepared this presentation for a talk to BCAIM, Vancouver, Jan 26th, 2011.
It represents a compilation of a range of reports, some research based and some opinion/commentary.
I have tried to distill them into something helpful for businesses considering Groupon or other deep discounters, at this stage of the evolution of model.
The intent is not to provide a blanket “good” or “bad” pronouncement, but a basis for asking informed questions and making better choices on whether or not to engage and use this tool.
This .ppt was designed to be a bit more self-explanatory, since this version I did not present. It contains numerous hyperlinks to various sources of information on the project.
Update: I have added two slides towards the end discussing the IPO
This is a presentation I made for my students. It covers different aspects of Groupon case, including marketing, finance, accounting, and corporate governance.
Mobile Engagement - Moving Beyond Transactions to InteractionsStarmount
Not since the Internet have we seen a more disruptive technology to the retail landscape than mobile. With Nielsen projecting that smartphones will make up more than half of all phones in the U.S. by the end of 2011, the rise of the mobile-enabled shopper is rapidly growing. Consumers are using their mobile devices for product research, price comparison and purchases, with store associates now serving customers that may know more about the particular products offered inside the store than they do.
The democratization of mobile technologies has fundamentally shifted the ROI model for retailers. Smart phones are now commodities, wireless standards have simplified network configuration, and users have demanded best of breed interface design. This technology shift enables retailers to re-think their customer interaction model and equip associates with devices and data typically found behind the cash wrap to anywhere on the store floor. Mobile solutions empower the store associate with richer information to serve customers while delivering a more personalized, efficient interaction from point-of-interest to point-of-sale. In this session, learn about the key considerations for deploying mobile inside your stores, from stakeholder success to extending your existing POS infrastructure efficiently, effectively, and securely.
Paul Cubbon prepared this presentation for a talk to BCAIM, Vancouver, Jan 26th, 2011.
It represents a compilation of a range of reports, some research based and some opinion/commentary.
I have tried to distill them into something helpful for businesses considering Groupon or other deep discounters, at this stage of the evolution of model.
The intent is not to provide a blanket “good” or “bad” pronouncement, but a basis for asking informed questions and making better choices on whether or not to engage and use this tool.
This .ppt was designed to be a bit more self-explanatory, since this version I did not present. It contains numerous hyperlinks to various sources of information on the project.
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With the growth of sponsored search during the last few years, there has been a
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An alternative model, discussed but not widely used in the advertising industry,
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Omnichannel experience and typical customer journeysComarch
How to provide an omnichannel customer experience to Telecommunications clients? How to integrate physical shops with social and digital? Where is the money for operators in these new scenarios?
Multi channel attribution moving beyond last clickAbhishek Dubey
Multi Channel Attribution - Moving beyond last click, understanding buyer's journey, understanding traffic channels and their roles in buyer's journey, channel pathing analysis and attribution modeling, data driven attribution modeling.
The online advertising industry is currently based on two dominant
business models: the pay-per-impression model and the pay-per-click model.
With the growth of sponsored search during the last few years, there has been a
move toward the pay-per-click model as it decreases the risk to small advertisers.
An alternative model, discussed but not widely used in the advertising industry,
is pay-per-conversion, or more generally, pay-per-action. In this paper, we dis-
cuss various challenges involved in designing mechanisms for the pay-per-action
model, and approaches to tackle some of them.
Behavioral loyalty is at the core of most loyalty programs today. Customers make a purchase or provide information in exchange for a reward. This is as valuable today as ever, but it’s also no longer enough. In addition to rewarding customers for transactions and information, companies also need to reward customers for interactions—specifically, social interactions that translate to engagement and advocacy. In other words, organizations must find creative ways to use their loyalty programs to foster attitudinal loyalty; to build and capitalize on the emotional connections engaged customers have with their preferred brands.
This presentation discusses the benefits and drawbacks of rewarding customers for such behaviors and transactions and information sharing, as well as the challenges and opportunities of rewarding customers for actions that show genuine engagement and advocacy. It also examines the competitive advantage companies can create by building a loyalty program that rewards customers for all three, as well as how to do so
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1. Daily Deals David Wolfe – COO – BuyWithMe david@buywithme.com 6/13/2011 1 DMCNY Breakfast Series
2. Table of Contents The Market Consumers Merchants Deals Groupon’s S1 Future 6/13/2011 2 DMCNY Breakfast Series
3. The Market – “Daily Deals” defined “Daily Deal” platforms provide a way for local businesses to connect with local customers. Consumers use the platforms to discover new local businesses , get deep discounts, and share them with their friends. Local businesses use the platforms to acquire new consumers on a performance basis. A daily deal is an online CPA based marketing campaign for a local business 6/13/2011 3 DMCNY Breakfast Series
4. The Market - History 6/13/2011 4 DMCNY Breakfast Series – [source Yipit]
5. The Market – Industry Structure 6/13/2011 5 Daily Deal Sites MERCHANTS CONSUMERS Vertical Deal Sites White Label Publishers Data Merchant Services Exchanges Aggregators Consumer Services Merchant Agencies SOON… DMCNY Breakfast Series – [source Yipit]
8. 25 – 40 year olds dominateDMCNY Breakfast Series – [source Yipit]
9. The Market – Revenue Groupon’s 1st quarter 2011 revenue - 655 million These projections are already too conservative 6/13/2011 7 DMCNY Breakfast Series [source: Silicon Alley Insider & EMarketer]
10. The Market – Barriers to Scale 6/13/2011 8 The Virtuous Cycle of Daily Deals More Cities More Sales More Salespeople Improved Media Buying More Conversions More Deals More Deal Personalization More Subscribers DMCNY Breakfast Series [source: Needham & Company LLC via Yipit]
11.
12. Consumers – Basic experience 6/13/2011 10 consumer & merchant consumer consumer consumer Discovers deal Participates in group buy Retrieves voucher Redeems Merchandized deal delivered through notification or app Payment authorized & cc stored Deal activated & payments captured Voucher’s activated for print or mobile access redemption processed [mobile or bulk process] Daily Deal Systems payment processor DMCNY Breakfast Series
14. Consumers – Acquisition 6/13/2011 12 Groupon’s 1st quarter marketing spend 250 million Industry eCPL’s : 5 – 10 $ range Industry CAC : 10 – 45$ range Industry LTV : 30 - 60$ range [annualized] Industry Buyer/Subscriber ratios ~ 20% Creative themes – general service value prop & business category based (Hungry, Bored), deal specific DMCNY Breakfast Series
15. Consumers – Challenges 6/13/2011 13 Over 50% of all revenue producing Daily Deal transactions are the direct result of an email. Can email remain the primary driver of engagement? Inbox collisions and email fatigue seem likely Little product and user experience differentiation Archaic redemption methods Adoption of mobile services remains under 20% across industry DMCNY Breakfast Series
16. Merchants – Basic experience 6/13/2011 14 consumer & merchant merchant merchant merchant merchant consumer Signs-up Co-creates deal Consumers redeem Retrieves $$ & statistics Deal is scheduled Deal runs Merchant identity & attributes stored Deal created & editorial and image assets stored Deal inserted into production schedule Redemption processed [real-time mobile, bulk voucher] Campaign stats in merchant portal. Check sent Deal merchandized to consumers & vouchers sold Daily Deal Systems DMCNY Breakfast Series
18. Merchants – Acquisition 6/13/2011 16 Local businesses are “sold” deals, they don’t “buy” them. Effective merchant acquisition and retention require investment in specific organizational structures - Merchandising, Sales, & Account Management teams Deal /campaign creation requires significant hand-holding. Groupon’s self-service initiative not very successful to date. 250-750$ eCPL for small businesses with assisted model Large, trained, inside/outside sales force requirement for performance at scale. DMCNY Breakfast Series
20. Merchant – Challenges 6/13/2011 18 Daily deals are an effective customer acquisition vehicle, but are less useful for retention and win back The only basis of platform differentiation from a merchant perspective are volume and quality of consumer’s delivered Return on marketing investment a hotly debated topic. Repeat visitor percentages sufficient for positive ROI not always met. Fractured technologies for managing redemption - vouchers & smartphones. Beginning to see innovation around POS and payment systems integration. DMCNY Breakfast Series
28. Gross Profit Margins: 42% (Q1 2011), 39% (2010), 36% (2009) --> i.e. for every $1 of Groupons sold, the company currently keeps $0.42 in net revenue and passes $0.58 to the merchant
39. Dependence on lengthy merchant payment cyclesNot all press is negative– Yipit - “The Reports of Groupon’s Death Are Greatly Exaggerated” DMCNY Breakfast Series
40. The Future - Questions 6/13/2011 23 How many competitors can the market support at scale? How will Facebook and Google fair? When will the competition for qualified consumer’s abate? Will email remain king? What kinds of product innovations and partnerships will occur in the mobile, location based services arena? What kind of product innovations will occur to simplify redemption and create real track-ability? Will the capital markets continue to fund “less than profitable” growth? How will deal types evolve? DMCNY Breakfast Series
41. Thank You David Wolfe – COO – BuyWithMe david@buywithme.com 6/13/2011 24 DMCNY Breakfast Series