Groupon Push Marketing Example: How to Replicate the Groupon Business Model (Part 1)

Eric Beer (00:00)

The whole cool thing about this business is we’re taking this online strategy to be able to get users to sign up for Groupon. And then what Groupon is doing is they’re helping local businesses scale their business.

I spent the last 17 years building my eight-figure performance business without using any of my own money, working with some of the most brilliant direct response marketers in the world today. Now I’m looking for entrepreneurs to join my affiliate army built on ethics, transparency, and good old hard work. Join me to change the perception of how people view the greatest business in the world, affiliate marketing, and follow along as I learn, apply, and share performance marketing strategies, working with some of the brightest people on the planet. My name is Eric Beer, and welcome to the Performance Marketer podcast.

What’s up everybody? Welcome to Performance Marketer, Eric Beer here. Every day on this channel, we like to talk about arbitrage. We talk about lead generation, affiliate marketing, and all that good fun stuff. And today, we have a treat. So, I posted something a few weeks back about Groupon and their push marketing. And I said, if anybody wants me to go into detail on that and explain it in more detail, I’ll dive into the company a little bit. And I’ll do a little video on this. And a podcast. Right? So, that’s what I did. So, today, we’re going to look at Groupon, the company, they own LivingSocial as well, in addition to their revenues, their marketing strategy, and I dove in a little bit, listen, they’re a public company, right? So, things are public. So, I put together a bunch of stuff. So, I’m going to give you a high-level view of a public company, and their journey from when they went public in 2011. Where they are IPOed for a big number. You guys know what an IPO is? If you don’t, it’s called an ‘initial public offering’. They IPOed for $12.7 billion. Wow, well, guys, does everybody know what Groupon is, and if they don’t, I’m gonna go through it.

So, um, I got my information from a lot of these public sources, you’re able to go on and you’re able to look at the 10-Qs, the 10-Ks, and it’s all public, right? They have to report to the public because the public owns the company. That’s what happens when you go public, and you trade on the NASDAQ, or the New York Stock Exchange, right, versus a private company is a company that they own the company the people involved, and they don’t have to report to the public, right? There’s pros and cons to being public, you become very, very wealthy if you’re able to take a company public. But there comes a lot of stress and anxiety and reporting to the world, every quarter on what’s going on. And you know, a little What have you done for me lately, kind of thing, if anybody knows about the stock market, right? It it trades on the future doesn’t trade on where you are today, it trades on where they think you’re going to be in the future, right? That’s what you’re investing in.

So, what’s cool about Groupon and why I wanted to go over Groupon is because of the way they market the type of things they do in their marketing strategy. And the one thing that sticks out is that they employ a push marketing strategy, where they push almost a half a billion messages and notifications per day, a half a billion. That’s a big number, guys, and I’ll dive into that in a little bit. But for all of us here, we always talk about, you know, building up your list, building up to your customer base. The money is in the follow up this is it right for this company, they’re sending messages, they’re pushing messages, through email, through SMS through maybe some app notification, in the whole goal here is that they’re trying to get people to take deals. So, let me tell you a bit about this. And then we’ll dive into that. But ultimately, the cool thing here is I’m going to go into really the 17 things that they say are the most important things that they require for their overall push pipeline. So, I’ll get into that. And that’s on them. Right. I’ll give you my commentary. My opinion, as I always do, as I go through this, and I did some other things for fun with looking at the revenues and all that fun stuff. But let me let me just give you like a summary of what this is all about. Right? So, I got all that from different sources seeking Alpha, Yahoo, Finance. There was a blog post in January 2021. Written by gentlemen Mohammed Dr. Lee that I got some info for them, and a lot of different sources. OK, so with that said, Groupon, if anybody doesn’t know who they are, Groupon is a website and a mobile app. And what they do is they offer coupons, cash back on purchases, and group deals to different consumers, right. So, they work with like restaurants, retailers, manufacturers, and they all use these deals in an effort to get customers to walk into their establishment or purchase their products. Groupon is an ecommerce marketplace, right? We’ve talked about marketplaces in the past, right? A Marketplace is where buyers and sellers come, right, a marketplace could be a supermarket stock market. And Groupon is a marketplace. It’s bringing together buyers and sellers, right. And they’re making a middle Hey, it’s like arbitrage, right? Right, you’re bringing together buyers and sellers, they don’t even necessarily own any products, at least in the beginning, again, now they do some of that. But overall, what they’re doing is in this marketplace, they get people to subscribe to Groupon, and they connect them with local merchants, that’s what’s so powerful about this is that Groupon was able to help the local merchant, the nail salon, the massage place, you know, could be a service, like a chiropractor or a doctor, right? The thing is, is that they were able to come out and do this on a local basis, which is really, really powerful. Right? Now, the thing with that is that, you know, there’s two sides of this business, there’s the acquisition side of building up your subscribers, building up your list, your email list, that you’re going to go and market too. But you also have to have another side, where you need to go find merchants, and get merchants to come and get deals that they’re going to offer about their product or service to the Groupon subscribers. So, there’s two sides of the business to grow this right in a marketplace, got to find the merchants, the advertisers, and you got to go find the subscribers or consumers, then you put them together. And then you make a piece of that revenue, right? So, Groupon, they do things in activities, travel goods and services, across 15 countries. And they ultimately trying to save you money through the use of any type of virtual coupon, that’s the value add for a consumer, right that what they try to do is they try to bring together a lot of people to take the deal. And when that person when they hit that deal, and there’s enough people that that take the deal, then that deal is intact. And then everybody gets a discount. So, you’ll see things at times where it’s like 70% off of the regular price, where you really can’t get anywhere else, right. That’s the value of a subscriber to Groupon. And what they’re doing is they’re using the power of people of groups to come in and say, OK, let’s see, if we get 1000 people to buy this coupon, this, this, this ‘groupon’ of a deal at a 70% discount, then it’s active. And then it’s a period of time, they use scarcity and urgency with it, to get people to sign up.

So, it’s really, really an awesome business. And what I’ve always been so amazed of is that they use email, they use SMS text messaging, they use, you know, apps with, you know, some notifications, but everything they’re doing, they’re pushing to all of their subscribers, their list their people on their list, and think about it. That’s what we do, right. And the hardest thing is to get our messages into the inbox at a scale, right and with volume and scale depends on your type of business. But you always want to build up your list. And getting your messages into the inbox are really, really important for someone to open it and click on it. Right. If the ISPs don’t let you in the inbox, then they never see the messages, they’ll never open it, they’ll never click on it, they’ll never purchase. So, with that said, the crazy thing is they send a ridiculous amount of volume, right? And this is the point of why it’s so powerful. People say email’s dead. Email’s not dead. Email’s amazing. SMS is amazing! Pushing, going to the consumer to take offers... Now there’s a lot of things you need to do their strategies that we’re going to talk about, that they use to get this done. But so, before we get into that, I just want to understand who they target, right? Their deals attract Oregon seekers, right. So, what they’re doing is they’re targeting anybody that would like to have some sort of deal or discount. They’re bargain shoppers, that they’re looking to take any coupon they can find on the internet to make a purchase. Right? That’s what’s getting them to take action. So, there are low rates of spending and low rates of return. Right? The different types of customers that they have, are based on, you know, they have Groupon and LivingSocial. LivingSocial caters to a different audience than Groupon does. Right? Groupon will skew towards younger users and females, while LivingSocial is distributed to more like middle aged people equally between the genders. So, more like a 5050? Male Female, right? So, we always talk about how to get traffic, how do you target? How do you know what offer? Where do you get your traffic, you got to know who you are talking to, right? You got to know the WHO. That is the most important thing, before you do anything, you need to know who it is you are talking to. Right? If you’re talking to everybody, you’re talking to nobody. Then the WHO is the like most, in my opinion, the most important part of any business. If you don’t know the who, it’s just just throwing darts into the ocean, you don’t know how to speak to them, you don’t know how to cater to them, you know, it deals with work. So, that’s really important. So, as a note, make sure you know who you are talking to. OK.

Now, who does this work well for on the merchant side? Usually, businesses that have some fixed costs, and low variable costs that might benefit from this model, how much does it cost to the to the merchants, this is the beauty of why they love working with Groupon. There’re no upfront costs. Ultimately, what happens is they’re giving 50% of the profit to Groupon, when they do the deal, so what happens is, they’ll give up, let’s say a 70% discount on their services. And then whatever revenue is generated 50% of that will go to Groupon. So, the ultimately, way Groupon makes their money is through a commission. Right? So, we were talking about commissions. So, Groupon’s entire model is all based on commissions, guess what, what is that? What are we performance marketers? Groupon is a performance marketing business, they get paid on performance, they don’t charge their merchants anything upfront, whatever they’re able to deliver, they get 50% of that top line revenue. I mean, come on, guys, we should all be doing it. So, we built my business, did it with affiliate marketing and lead generation, you guys can do it, anybody can do it. This is at a large scale. And you’re gonna see once I get into some of the numbers of what they’re doing. But so, Groupon takes the 50% of every deal sold. So, here’s an example, if a deal generates 1500 bucks in revenue from 50, new customers, let’s say that, they’ll be able to generate $750, that would go to the salon, $750 would go to Groupon. So, if a salon comes in, they do a deal, come get a blowout give you a 70 or 70% off deal ends on Friday. And you know, 50 people take that deal, then the gross revenue ends up being 1,500 bucks - $750 goes to the salon, 750 bucks goes to Groupon. And everybody’s happy consumer gets a good deal. Groupon generate some revenue. And now the salon got 50 new customers, right? The idea is that if somebody comes in on that 70% discount for the salon, and they like the person they liked the business, they liked the like everything about it. The whole model there is that they get return users, right, the return customers, so that if that people come back, if they have 50 new customers, the question is how many people are going to come back within a period of time to get another blowout? Or a haircut? Can they pick up a customer for life? Right? If they can, then that deal is well worth it. Right? Makes sense. So, their entire strategy is all based off of them pushing messages to the user. And they do it by guys. segmentation. Segmentation. I talked about this all the time, right? With Survey Detective, it’s all around segmentation. It’s the most important thing because what happens is you’re able to segment your database, your customer base, your list based off of certain criteria, right? And we know we could target by all different kinds of things. In this scenario, what they’re doing is they’re doing it off of their consumer behaviors. And based off how these people behave, they will then and create targeted messages to each of those users. It’s beautiful. It’s every I mean, everything they do is what we talk about, right? They are performance based, we’re all performance marketers, they use segmentation based off of consumer behaviors. We talk about doing that all day long. That’s what Survey Detective is all about. That’s why it’s so powerful that it builds your list and allows you to then segment your data. So, that then you can target to these different segments, you can target customized messaging to these different segments to make it relevant, to make it something that they want to make it to personalize for them. And it’s powerful. This is proof of everything that I talked about. This is why they went for $12.7 billion IPO in 2011.

So, before I dive into this into their strategy, and all the things they do, let’s talk about the numbers of what it looks like today. OK. In 2021, the total revenue they generated was about a billion dollars, boom, billion dollars. They have across all their countries, 24 million active customers in their list. So, ultimately, the value per customer, the value per user, you take the total 24 million divided by the billion, and you get $41.67 per user, boom. Well, guess what, guys? When we talk about lead generation, right? And let me let me show you guys this, because this is really important. I talk about this all the time. Right? So, if we look at Groupon, and we look at 2021, revenue is billion, OK? And active users 24 million. OK. So, we figure out the value per customer, is $41.67. This is really important. And I’m going to tell you why in a second. Before I do that, I’m going to tell you what their gross profit was, which was $737 million. Boom, that’s hot. It’s hot, right? Well, if I take you all the back to 2011, they’re actually down from when they were in the last few years. So, and they have a new CEO that just came on board, who is from Zappos, who’s going to try to bring Groupon back to life. But at the end of the day, their value is their customers, right? Their value on how they would look at their company, is they have 24 million users. And the value is $41.67, OK? If they were a private company, and they wanted to go and sell, right? How would they do it? They would look at these numbers. I was telling you guys about that. Right? If you want to sell your business, you want to build up an asset, and you want to sell a business. If that’s your goal, and you want to go and sell something at some multiple, you need to build up your list. Right? So, you got to use something. Survey Detective is what I’m building is what I’m talking about. So, I’m trying to teach you guys, but anybody, anything, lead magnets, landing pages, anything, you got to use something.

(So, excuse me. All right. I will recall. Because they were sponsoring this right now. All right, we got all these users. And, yes, performance marketers use rica law. You know that people that have podcasts and YouTube channels, there’s a model that they use, I don’t do that. Currently. I don’t need to have somebody sponsor this. Right. I make money doing all these things that I’m teaching you. But there are people that are podcast, yeah, well, these users. And then they have these, these advertisers that come in, pre roll, mid roll, post roll, and they talk about oh, and by the way, rica Swiss alpine herbs as a cough suppressant that we use in you should use and you can get it at every local pharmacy. Well, right. I mean, that’s just simple, right? Like people like what a podcast, how do you make money with podcasts? That’s a simple way to do it. If you have X amount of downloads, let’s say you have 20 million downloads, you ultimately just sell it on some CPM, right? So, you take your 20 million divided by 1000. And then what CPM Are you selling it for? Let’s say $25. CPM. And you would multiply that times 25 bucks. And that’s what the advertiser be paying you for every episode. And you can make some big money if you start if you could build up a platform of people paying attention to you, right? You can make good money on every episode. You can make millions if you really build up a massive following. And, you know, that’s how it goes.)

But in any event, I want to, I just want to go through this quickly because this is super important. $41.7 is their value per customer, right? Gross. That’s what they’re making. Let’s call it gross value per customer making $737 million, let’s do the math on that, which would be gross profit per customer is the 737 divided by the 24, which equals $30,71. The reason why that’s important is because if we own this business, and we have to go out and acquire new subscribers, right, you have 24 million subscribers. And we know if we can get more subscribers, active subscribers, right, they’re definitely people dropping off this list all day long. So, they have to continuously be pushing out messages to get people to join the Groupon list. Right? So, that’s huge, right? They have a lot of different things when they’re when they’re marketing, they have their acquisition team, right, the customer acquisition team, which is their their team that’s out there, going to buy leads to build up their list, right? That’s something that we could do for them, we can go out to Groupon, if they are open to it, we can go and find the person in charge of customer acquisition, call them up, and try to figure out like, what are they doing? What’s the offer? How are they promoting it? Do they have any affiliate offers? Right? And are they doing it where they’re driving traffic to their form where we go and get a link? Or are they open to us generating leads on our platform, and then we post those leads to their database? And they pay us on a cost per lead? Right? And then the whole model would work where we would look at it as what are they paying? So, if you look here, they’re making $30.71. So, what can they afford to pay per lead? Well, you know that they’re making $41 and $30 net. So, they would back it out into what they can acquire a customer for. And it all depends on how they determine what the value of a customer is, versus the value of a lead. Now, we don’t know those numbers, right? You can get leads, right? You can build up a list, right? So, you can build up a list of 1 million people. But maybe only 250,000 of them are active and make a purchase. Right? So, in that scenario, only, only 25% of the leads you’re generating are turning into active users. So, if they paid $1, for 1 million users, they spent a million dollars, 1 million cost, right? Now, what is the what do you back it out to have? What their cost is for an active user? Right? Active user cost equals what? Right? You take the 250,000 by the 1 million, which is 25%. Right? So, it’s four times whatever that cost is, right? So, if you’re doing $1 million cost at $1. That means that they’re capturing people at $4 per active user. They have to play with these numbers to see what’s going on their back end, when they’re when they’re generating traffic. So, does that number fit? I don’t know. But I know the high level, they’re making 30 bucks. And if they can acquire customers for $4, it looks like it’s a pretty good deal. Right? The question is, does it work for the publishers? Is it backing out? Is it profitable? Is something exciting to us that we would want to run this offer? Right? They can pay $1? But that may not be that exciting to us? It may you don’t know, it depends on how the people will react to the marketing messages on your behalf and what’s your media costs, right? If you can generate a sign up for $1 get paid for $1. Right? And it costs you 50 cents, right? You know our cost on the media by then we’re making 50 cents on every lead, which would mean we’d make a half million dollars on this campaign. Right? This would be a $500 million profit for us working with Groupon, if all these numbers worked out.

Now, guys, the point is when you understand business, you only need a few numbers to really play around and figure out what’s going on in different businesses. Obviously, when they’re public that you get so much more information. It’s amazing. So, this is the kind of stuff that we can play around with on the media by side, right for us. Were the ones that were not Other media experts, we’re media arbitrage errs, right? We’re going out and hustling to make things happen, whether it’s us buying the media, or promoting the offer out to other people, you know, we got to do the deal Groupon first, then we go out and find all the places that we’re going to buy traffic, right? How we set up the deal, just depends, right? And we could do it on a CPA basis, right or, or CPL basis, I’ll pay you whenever you generate XYZ, that’s the least amount of risk for us. Because we’re telling them, right, that will pay you 50 cents for a time and you get me someone to sign up for Groupon, then what you need to do is watch to see how the quality of the traffic is, you know that right now it’s about you need to convert 25% of all leads into active users, you need 25%. So, what you’re doing is you’re communicating back with Groupon. And as you’re sending traffic, right, what you want to do is, when you have you have different sources, the way to track it, is that you set up different IDs for each source that you’re driving, driving traffic from, right, so that you don’t look at it from a global perspective. Sure, like when you when you’re invoicing and all that good jazz, you are, but you’re gonna have multiple sources, when you scale this, right, you might have 10 different places that you’re driving traffic from, each one may be sending 100,000 leads a month for you to make up those million. Right. Some of it may be… you’re media buying on buying PPC on search for Google or Bing, right? You might be buying traffic on Facebook, or native and Taboola and Outbrain. Or you might have some affiliates that you working with that are driving traffic for you right? Now, how are you finding where these people are, again, it’s the who, who are we targeting, we got to figure out who these people are, the more information we have, the easier it is for us to find out where they’re hanging out on the internet, right. But the whole cool thing about this business is we’re taking this online strategy to be able to get users to sign up for Groupon. And then what Groupon is doing is they’re helping local businesses scale their business. And it’s powerful. That’s why these local businesses love this. Because of Groupon is doing all this work to get the subscribers and the right people in the right place. They only pay when they get sales, it’s a good deal for them. Right? So, that’s why the business works. Everybody wants, I just wanted to show you guys that. It’s really important to understand this. And I know it’s a lot of math, but math is everything. Math, this whole business is all about math, the more you get it, the more successful you will be right. But the beautiful thing about this is, is that it’s affiliate marketing, right? I built my business using affiliate marketing, right? Lead Generation. I didn’t own anything, and I just do a deal with Groupon. That’s it. That’s it, or any other company in the world. And you guys can do this, you can do this, I promise you, you can do this. It’s not hard, right. It’s how I made my first million more than that. But, you know, if I, you know, I should do a podcast on how I made my first million with affiliate marketing lead generation, arbitraging media, without taking on any investment from any venture capitalist or outside money, that any anybody given me money in my pocket by doing all this? And anybody could do. Alright, but So, in any event, these are the numbers that we’re looking at here. Today. If you go Groupon, they’re their symbol. If you guys want to look it up yourself is gr. Right now, when I looked earlier, they were trading at $19.23 share price. We talked about this in the past, not going to go into too much detail on this. But just to give you an idea of how this all works. OK. Groupon is trading at $19.23 per share. Right? So, what’s the market cap? What is the market cap of Groupon? How do you figure that out? We can go look online, of course, and cheap. Or if you want to figure it out the real way is, what do you need to know? You need to know how many shares are outstanding to the public, right? If you can figure out how many shares are outstanding to the public, which in this case, is 29.91 million outstanding shares is 29.91 million. So, the market cap of this right now is 574 million, 575 million. OK? Now, the one thing that we’ve talked about in the past, just so you understand this, OK, I’m going to finish with this so you guys can get this OK? Because this is the public side of things.

For people that want to sell their businesses, people don’t want to figure out the value. What can I sell my company for? What can I do, right? Well, you look at the price. Your price for earnings, right now is like five-point whatnot. What does that mean? What that means is that at 574 million in market cap, they’re trading at five times multiple of what they earn. So, let me let me reverse engineer that for someone who is a private company that wants to sell their company. And they want to figure out what’s going on. Let’s pretend like we have a company like this as well. Now, what’s happening is, this is the market cap, let’s pretend that we have another business. So, we start up a business like this, where we want to go and help local services, merchants, sell things, get indoor walk-in traffic, you know, restaurants needed, etc. Alright, let’s pretend like, all year long, we ended up doing this. And we ended up making over five years, let’s say, year five, we build the business up to be able to do, let’s say $10 million in the year and in 2025. All right, what are we in 2022. So, take three years, four years to get to $10 million in revenue, gross revenue. If we take what’s going on here, they’re making 737 million divided by the 1 billion in revenue. So, the gross profit is about 73% 7.3 7 million gross profit, damn good business, you guys can literally model this business, it’s there for the taking. So, how to hustle, how to work, you got to build up, you know, the business, the platform, you got to have the people on the sales side for both the finding the merchants, and you also have the people that have to acquire customers for you on on the subscriber side, right. And it’s like the chicken or the egg kind of thing, right? You need money to go to get the subscribers, but you also need people to go sell to the merchants. So, it’s like that starting point is where it’s a little tricky, right? No one’s gonna give you a deal unless you have enough people that you can get the deals for. So, you know, little salesmanship to make it happen. In any event, this is the most important thing, OK, I’m not going to get into like users and all that good jazz. But ultimately, what this means is, we’re a private company, and we wanted to sell and we’re trying to find comps, and we’re similar to Groupon, right? Maybe Groupon wants the bias, right? Maybe we have another 10 million users. And of those 10 million users, maybe 7 million of them are unique to Groupon. Right? Like, they have 24 million. So, now all of a sudden, they can bump it up to 31 million, right and immediately grow their business. Or maybe they take all 10 million, right? Because whatever we’re doing here, we’re generating revenue from this doesn’t really matter, even if they have an overlay or not. Because whatever our product is, they’re engaging with it, right? They’re responding to it. So, that’s a really important thing for you to understand. But bottom line is, when we go and we communicate with a private equity firm, or a Groupon, to sell our company, right we want to sell, the way we would look at it is we would go do research on all the companies in the space. And it says that right now Groupon’s trading at a five multiple, right? So, 5x multiple. So, if you take the 7.37 million, what you do, right, you can sell on different ways you can sell in gross revenue, or you can do it on net revenue. For me, Listen, there’s different ways, some companies that are public need to build up their top line, their top line is their gross revenue, right? But for me, that means nothing. And I care about profit. I care about what are we making, OK, you generate $100 million. But if you’re making $5 million in EBITDA, right, 95 million is going to costs of running the business, generating that 5 million when we can just go here and do a $10 million business generate 7.37 million. To me, that’s exciting. To me, I work on the bottom line. If I were to sell a business, I would do it on the bottom line, right? I mean, listen to some of the buying the top line and God bless you, right? Because if you look at it, the seventh multiple times five is right here. $36,850,000 you can sell your company. It’s hot, right? Guys 2025. So, let’s say you start it next month, right? So, from let’s say, June 2022 To 2023 to 2024. Are to 25. So, by June of 2025, you can accomplish this, you could sell your company for 36 million bucks, based on these numbers, I mean, wow. Right? And remember, when we were looking at what the value per customers is $41.67 in gross. So, what we would look at, right, is, if we looked at that, to figure it out, so we would need value per customer equals $41.67. So, that would mean that we need to generate 239,000 180 active subscribers in 39,280, active subs over three years, if you’re going to work on that same profit, then you would do it by same thing, right? Doesn’t matter. Same thing, same, same, same float. Right, but that’s fine. Right? You can sell your company for 36 million. Now, maybe you want to sell it for 7x. Right? Or maybe you make the case that it’s all about leverage, right? You know, 10x, you know, if you were able to do five multiple times the top line, that’d be 50 million, right? Versus the 36. But you’re not, there’s no profit there. And you got to make the case and the companies to buy to see like, how are they going to make their money back over time? What is how does this make sense to us? You know, what does this look like? Are they gonna have churn? Are the customers there to stay? Ready? Or how fast? Are you losing customers? Right? What’s the outlook of the business? Right? I mean, if you look right now, and this is why I wanted to show you this, right. I’m just gonna go through this right now with what’s going on Groupon, in 2011. When they had their IPO, they had 33,742,000 customers, and they did 1.6 billion in revenue. OK. So, if you look at 2011, they had 33 million actives, now they have 24. And they did 1.6 billion in revenue. And the value per user was $47.42. So, every number is down from 2011. And there’s a bunch of numbers in between that I’ve done. But I just don’t want to go through crazy numbers with you. It’s enough already here. Because this is, this is a business, this is gold. Like if you guys can understand this, you can put together a strategy for any business. You could find a company that you’d like whether it’s private or public, if you can figure out all these numbers, and then you can go through their process and hack them. Well, their competitors, you don’t have to be a genius. You’re literally just modeling what you know, works. How would you do it? Right? You would go to groupon.com and sign up, you would go to livingsocial.com, sign up, you would become a user go through the experience, you would see what they’re doing. What’s so powerful? Why does it? Why is it great? What, what is the benefit? Do you like it? Right? What do you like about it? What don’t you like about it, if you see things that you don’t like, that you think you can improve upon? And you can actually validate that more people have those issues, right? You might have something right? How would you do it, maybe go to Groupon reviews, go online to Groupon reviews and look at the one and twos. So, LivingSocial reviews, wanting to find places where people are complaining, that’s the people telling you the problems they have with this business. And if you can figure that out, you gotta you got a business, you can model, you see the issues that are at hand that you can solve? And you just you just model it, right? You don’t copy you model. But this is it. This is this is this is it. And then you put together a strategy and how you go about doing it. And within three years, you can sell a company for 36 million, whether it’s cash and stock and what have you, that’s all a devil in the details. Right? But um, it’s very possible. So, go for it. If any of you do it. Good luck. Let me know. I’d love to hear from you in 2025. That’d be really cool.

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