Groupon has been hailed as the new miracle advertising tool. It has also been accused of being a ruthless corporate giant, preying on the ignorance of small businesses.
Since its inception in November 2008, Groupon (think social media meets coupons) has transformed the way local businesses promote their products and services.
How does it work?
First, you agree to become a featured business on their network. You then reduce your product or service price by 50% or more. Groupon promotes the deal and gets new customers through your doors. For every deal, Groupon gets between 30% and 60% of your drastically reduced price.