Marketing Your Business On A Budget
Local companies throughout the Temecula Valley face a number of unique challenges due to the changes in the business landscape over the past decade. What was once an area where small businesses thrived and boosted the local economy has slowly became a region monopolized by corporate giants. These large companies headquartered in other states saw the opportunity the Temecula Valley offered and then used every tool to milk as much money from the area as possible. The majority of our restaurant and shopping choices are now operations with million dollar marketing budgets that can call upon television commercials, print advertisements and essentially anything they feel will reach the greatest audience possible. Money is no object to these big businesses and that puts the organic, locally owned and operated businesses at a disadvantage from the start.
How can a local hamburger joint compete with Outback Steakhouse, Red Robin, Claim Jumper or any of the other commercialized restaurant chains?
How can a local fashion boutique compete against Macy’s, Forever 21 or any of the other clothing stores that decorate the Promenade Mall?
The answer is better marketing. Offering products or experiences that are unique. Making the customer feel important so they return to your business, while also giving them value for their dollars. Enticing the people of Temecula and surrounding areas to spend money at your place by giving them a solid deal that is simply to good to pass up. This is part of the reason why daily deals have been on the rise, giving local companies an avenue to reach a broader audience while seducing consumers to spend more with bargain offers.
Breaking Down Daily Deals
The standard daily deal is delivered in the form of a voucher that is valid toward a specific service or item offered by a participating merchant. The average deal offers consumers roughly 50% off a product or service (for example $30 worth of Mexican food for $15). The promotional offer is typically presented trough a deal website such as TemecuLove that informs the community about these special offers via email, blog, Facebook and other social media. The daily deal process is simple:
- Merchant offers daily deal through TemecuLove
- Local consumers purchase daily deal from TemecuLove
- Customer prints voucher or has it sent to their mobile device
- Customer redeems voucher with merchant for discounted goods or services
TemecuLove is responsible for promoting the daily deal as well as collecting all money on sales. TemecuLove is also responsible for giving participating merchants with their revenue share and the codes associated with daily deal offers to track redemption. After the customer purchases the voucher through TemecuLove they will then bring in that digital or hard copy of the voucher to the merchant. The merchant will call in the redemption code and then be responsible for honoring the discounted products or services associated with that voucher. It’s all a very simple process for the merchants and an easy way to both get new customers while generating exposure!
Temecula Daily Deals: How They Help Businesses
Daily deals are great because they do not require any upfront cost from the merchant and provide a effortless way to receive massive exposure. Daily deals are a performance based form of marketing that allow the merchant to control how many deals they want to sell. Merchants are paid on the number of vouchers sold, receiving 50% of payment one week after the deal is no longer live with the remaining 50% coming one month later.
One of the most common reasons why Temecula businesses love opting to use daily deals as part of their marketing campaign is because of the heavy trending viral impact. People who invest in daily deals tend to tell friends and family members about those particular cost-savings deals, creating a storm of free word of mouth advertising. They will share offers on Facebook and other popular social networking avenues raving about the deal. This typically results in many more Temecula daily deals being sold. Not to mention, customers that redeem daily deal vouchers for goods or services often spend more than the actual voucher amount. This allows the local business to generate even more revenue that otherwise would not have come in.
Daily Deals: What The Statistics Show
- Four of five people investing in Temecula daily deals are classified as “new” customers
- Over two thirds of new customers return to a business they purchased a daily deal from in the past
- One of five daily deal vouchers never get redeemed or expire
- More than 3 out of 4 businesses will move forward with multiple daily deals for discounted goods and services as part of their marketing campaign
The statistics show daily deals can be a excellent marketing strategy for businesses seeking a cost-effective tool to increase profit and customer acquisition. With daily deal companies networked into the local scene such as TemecuLove who also work hands on to increase marketing and visibility efforts of Temecula Valley merchants, small businesses can be given the tools necessary to compete against the largest of companies.