News this week: Daily Deals, Social Networks, Customer Reviews

What should you be paying attention to this week?

Photo: Tim Malone, www.timmalone.id.au.

Is the daily deal bubble bursting? Facebook and Yelp getting out of the daily deal business, Groupon traffic is down 50%. I agree with the folks at Mashable, who say that customers will always appreciate a great deal, but this concept has reached its saturation point in the US. (Mashable)

Your takeaway? Here are my two cents on the daily deal concept. While the trend isn't over and will continue to evolve in different ways, it's still important to make sure it's financially advantageous for you to participate. You can always do your own coupons to your own customer list without these deal sites if you want.

65% of American adult Internet users are on social networks like Facebook, Twitter, and Google+, according to a new report from the Pew Research Center. This is up 4% from last year. The Baby Boomer generation is seeing the most significant growth, up 60% over last year. (Pew Internet)

Your takeaway: If you're not participating in at least one social network, it's time to try this out. You don't have to be on all of them, but test Facebook if you're consumer-oriented, or LinkedIn if you're B-to-B. Also, if your customer cohort is age 50+, you officially have to stop ignoring social media - your customers are on it and they'll be looking for you there.

Negative customer reviews growing more powerful, with 80% of consumers indicating that they've changed their mind due to negative reviews of a product which they were considering. On the flip side, 87% of consumers surveyed said that positive reviews helped them decide to make a purchase. (MediaPost)

Your takeaway: It's always a good idea to allow customers to review your product. If you do, make sure you also have the ability to respond publicly to poor reviews and resolve customer issues. Bad reviews can be overcome if you'll step up and make it right with those customers.

What's on your mind this week? Please share in the comments.

Have a great weekend, and thanks for reading!