Consumers are lured by the prospect of spending less, and Groupon tapped on this idea by being the business that it is. By negotiating with businesses of different localities for sizable discounts, they offer consumers daily deals or “what’s up for grabs today” in the form of coupons sent through their mails that they can print or show once in the store. If the target sign-up is achieved, everyone is offered the deal. The so-called Groupon magic takes form in the seemingly viral spread of information through social media networking and the influx of customers.
The word unlikely has been used to describe the business and its CEO, Andrew Mason. A newcomer in the list of The World’s 50 Most Innovative Companies of the year 2011, Groupon has changed the landscape of the coupon trade. Mason’s frank approach expresses his observation that some companies fall short in coming off as genuine with their intentions, and the companies that he exchange deals with are opposite that.
By chasing interests as likened to living life with the creative possibilities, what was once a side project meant to generate income to support their main startup – a social justice platform called Point – materialized into a company that even Google had its eyes on. After the birth of Mason’s idea, his former employer, a man named Eric Lefkofsky, provided a one-million dollar seed money for its development. Once ready, it was introduced to the industry in November 2008. From serving only one market in Chicago, its number rose to a whopping 150 by October 2010.
Mason expresses flameouts happen to companies that do not stick to the path of the goal, that of keeping consumers happy. To counter this, he ensures there is no settling, because the previous day is different to the next, and with the latter, you have to be better.
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