Marketing Millionaires: How These Coupon Moguls Made Money by Saving Consumers Cash
Most consumers know what a coupon is and the benefits associated with it. Traditionally, this is a document that allows a you to get a specified discount when you purchase a product or service from an outlet or a network of outlets. But that’s the concept of traditional coupons. Enter online coupons and big money is made by offering online coupon services to vendors and customers. There are thousands of sites involved in online coupons and great deals to customers.
The model is simple and reliable from the customers’ point of view. All you have to do is to get an account, go through a number of tasks, and you have your online coupon with a number of points. This authorizes you to access a discounted price of goods or services from a vendor. By getting more customers to buy from a business, more money is made from the cumulative markup. Overall, even when a discount of two, five or 10 percent is offered, the vendor makes small amounts of mark up from many sales. The arrangement with the online coupon marketing company is for payment of a percentage of the sales resulting from the online coupons as a commission. Online coupons are attractive to customers because they offer prices that effectively save them money.
Let us briefly look at two of the most successful players in the field, who have become millionaires through online couponing:
Mark Pearson of Marco Media
Marco Media is an online coupon distribution company whose founder is Mark Pearson. Marco Media is founded on the theme that “web is always waiting for something new”. Their model involves a platform that links customers to the merchants through innovation, technology and marketing. The web based advertising and marketing company helps merchants to increase sales and customers to save money on their purchases. Marco Media is thus beneficial to both consumers and retailers. To do this, the company uses a combination of tools which include email marketing, website advertisements, affiliate marketing and social media marketing among others. The company earns commissions on sales resulting from its activities.
Martin Lewis of MoneySavingExpert.com
MoneySavingExpert.com is the UK’s biggest consumer website founded by Martin Lewis in 2003. Its model is based on an intention to cut the consumer’s bill in all possible ways. The company services a wide range of fields, including shopping, banking, travel and insurance.
How the Model Works
The MoneySavingExpert.com makes customer oriented business deals based on market research. This platform effectively provides the customer with some of the best deals listed in different niches. The company does not accept payment from vendor companies in order to list them in its directory. A company is listed after MoneySavingExpert.com has, through research, found it cost effective and consumer friendly. MoneySavingExpert.com provides subscribers with weekly money saving email tips, money saving guides with details, information about the money saving tools and many more. For its part, MoneySavingExpert.com generates some revenue from the sale price of the products and services purchased by subscribers.
Through simple marketing techniques, Mark Pearson and Martin Lewis have become millionaires by helping companies to sell their products and services, while at the same time, helping customers save money. The online coupon moguls are making money by helping people to spend less money.