Group buying discount: Friend or foe to your business?

Istock 000008183427xsmallEvery day group buying websites entice customers with the daily deal. These bargains may be a great way to introduce your business to new customers, but it is wise to be wary before embracing this form of marketing. Sometimes the deals are simply too good to be true — both for the businesses offering them and the customers buying them.

Before you decide, here are some points to consider:

Many business owners may find group discounts a great way to attract new customers. For others, it can be the worst business decision they've ever made. Think it over carefully, read the fine print, be sure that you're prepared, and greet each new customer with a smile that shows you're interested in building a long-term relationship.

Check out the Pricing section to get tips on how you can set a good price for your products or services. For more on risk management, take a look at Protecting your business.

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