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Additional info for Advertising Age - 28 March 2011
When you plot these numbers against price on a graph you get the demand curve. Let us look at a cupcake store example. 5 to make. ) Let us assume 40,000 customers are willing to pay $1, $32,000 at $2 and so on. When you plot all these numbers against prices, you get your demand curve for cupcakes as shown in the figure. For your price of $4, there are 16,000 customers willing to pay that price. 5, the cost to make a cupcake, as the red line on the figure. Any cupcake you can sell at a price above that red line will bring you profit.
It has also captured more news cycles not only due to stories like Bird Café but also due to rumors about $6 Billion takeover by web giant Google. com LivingSocial Groupon may be in the news more often but LivingSocial is arguably the other leader in this arena. They have close to 16 million customers. com. Like Groupon it offers group coupons in almost all major cities in US and select cities in a few other countries. Its website states, “The LivingSocial audience is ideal for local-merchant advertising: They’re social, influential, and go out a lot in their city”.
It is not easy to know who is willing to pay $2 vs. who is willing to pay $4. And most small businesses do not have a way to find these customers or reach them. 5, then by all means you should do it. 5 to make. That is, a loss of 50 cents on the cupcake. What About Future Sales? This is when we treat Group Coupon site as a marketing channel to acquire long-term customers and the promotion as loss leader. If we accept the promise that even though you lose now 50 cents on the cupcake you gain a customer for life, we need to find out the incremental profit we can get from such customers.