How the cashback, arbitrage and aggregations strategy can help you gain 50,000 customers; with Frank DeBlasi
In this episode, host Jim James interviews Frank DeBlasi, co-founder of Hoopla Doopla, a loyalty shopping site that rewards customers with cashback from over 5,000 retailers. Deblasi explains that Hoopla's business model is based on aggregation and arbitrage: merchants pay Hoopla a commission for every sale made through the site, and Hoopla gives a portion of this commission back to customers as cashback. To attract merchants, Hoopla joined affiliate networks, such as CJ's, and applied for affiliate programs that allowed them to access the merchants' creative resources, such as promotional offers and coupon codes. To attract customers, Hoopla uses several methods, including social media, email, influencers, and referral programs.
Deblasi also shares how Hoopla got coverage on national TV, which he attributes to good timing, product, and plan. When the US was in an economic recession in 2009, a New York Fox News producer reached out to Hoopla because he believed their concept of putting money in people's pockets during tough times was a great idea. Deblasi revealed that the producer found out about Hoopla through a Facebook post he made, which was being shared by people.
As a tip for entrepreneurs, Deblasi advises leveraging social media to spread the word about your business and to create a referral program to incentivise customers to refer others to your site. He also recommends joining affiliate networks and applying for affiliate programs to gain access to merchants' creative resources.
Post-production, transcript and show notes by XCD Virtual Assistants
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