By Dominique Barba.
Whether you want it or not, social networks have become part of our lives in recent years. Facebook, Twitter, Linked-In and many others have almost become household names and have dramatically changed the way we interact with others. Social networks have also done their share in the business world, opening the path for innovations in marketing and consumer information. Now businesses are quickly jumping on the idea of social discounts, or deals, in which companies like Groupon or LivingSocial offer daily, high value discounts (up to 90%) that users can purchase and use.
The beauty of the concept is the option of sharing your discount. If your purchase a deal from LivingSocial, it will give you a link that you can share to friends. If three friends buy the deal using your link, then your deal is free. In turn, LivingSocial is able to promote its deals through private social networks.
The deals range anywhere from massages, to food discounts and reduced tutoring. Deals vary by city and help promote local businesses. It might sound too good to be true at first, but the huge discounts are sustainable through bulk purchasing. The discounts encourage costumers to spend less money and be able to try new restaurants, treat themselves and even save on things they would have bought regardless. For example, many people include going out to dinner with friends or going out to a bar in their budgets, the group deals allow them to try new places. Local businesses are able to market themselves more efficiently and develop a wider costumer base. The consumers profit from spending less and being able to enjoy more things. Companies like Fandango have joined in, selling discounts on movie tickets, allowing those who are cutting back on spending to go out and watch movies for a lot less than normal.
In all simplicity, the social discounts are a new market strategy that greatly benefits local businesses and costumers who are looking to save money. We encourage you to look out for deals on things you have already budgeted, such as dining out or family entertainment, which will allow you to save the most money. Signing up to LivingSocial and Groupon is free of charge.