Tapping into and analyzing deal site data can be enormously helpful to deal sites, not to mention merchants, in finding and procuring deals that are highly relevant to the deal site audience. A superb byproduct is that your conversion rates will also increase when you put focus in collecting and analyzing data and acting accordingly.
By understanding data, you can develop better, more relevant customer relationships.
There is a ton of data to be mined from the deal space to help out any sized company running a deal site.
What types of deals sell the best on nationally delivered deal sites?
What does best for local offerings?
What about niche type deal sites?
What type of subject lines gets the highest open rates?
What types of products have the highest conversion rates?
You can get help on determining deal price points… see a similar deal from a similar deal site that did well for both the merchant and the deal site? Can you craft a similar deal in your area with local merchants and make it more appealing and better suited for you and your clients?
Gathering purchase history and deal data can help arm your sales and marketing teams for meetings with first time merchants. If you can show how other similar sites offered deals for similar products/services as the merchant you are speaking with, then half your work is done simply by laying out the data.
What about on the merchant end? Merchants who are unsure how to price their deals in order to drive new clients and still maintain profitability, can benefit from looking through similar deals.
I believe that the companies that will continue to grow and thrive are collecting and analyzing data properly and acting in a manner consistent with what that data is telling them.
One of the toughest parts of seeing success in a new market is to prove that demand, and the actual market, exists. Many times, market need does not always translate into market demand.
Properly collecting and analyzing useful data in the daily deal industry will only further help your venture see success. And as the competition of smaller, niche-specific as well as geo-specific daily deal sites grows in this industry, the importance of tracking, analyzing, and learning from data further increases.
Collecting, analyzing, and using data is the future.
Marc D. Horne