Finally, a daily deal strategy that makes a lot of sense for wellness businesses.
As you know, I think most daily deal advertising is a waste of time and money that jeopardizes relationships with your current customers.
However, if you match the right product or service to the daily deal strategy, it can work:
Bella Luna Yoga’s presenting the Caribbean Yoga Conference in February 2012 (and nope, they didn’t pay me a dime to talk about this!).
Here’s the Living Social promo they recently ran for the conference.
Why it’s smart:
- The conference is a one-time event. You don’t have to worry about whether attendees turn into repeat clients.
- It’s in a resort location with tons of capacity, so no need to worry about a flood of discount-seekers degrading the level of service you provide your regular customers.
- An event sell-out usually maximizes profits. The cost of a conference is (mostly) fixed. In other words, it costs roughly the same to host the conference whether 50 people attend or 100 people attend. So selling out all the registrations – even if some of them are discounted – is the #1 best strategy for maximizing your profit. On the other hand, you’ll never make money if you sell a professional service for less than you pay the person providing it – no matter how much of it you sell!
- Travel discounts are common. It won’t enrage anyone to learn that the person next to them paid a lot less. That’s not true for your day-to-day customers, though.