FatWallet – The Perfect Business Model for Success
What makes a web site successful, and able to rise about the noise to become one of the top in it’s industry? It’s not just “quality content“, but also what it offers to the visitor and keeps them coming back for more. Let’s take a look at how FatWallet.com has grown over the years from a small coupon resource site, to the massive cash cow generating power house it is today.
FatWallet was created back in 1999 by Tim Storm. I probably first met Tim back in 2001 when I first spoke at Affiliate Force. Since then, Tim has just been killing it year over year. In 2006, Tim Storm was also awarded with the “Affiliate Marketing Legend Award” at Affiliate Summit. The focus of FatWallet is to build a bargain hunting community web site, where anyone can access coupons and find killer deals online. Today FatWallet is one of the largest and most successful coupon sites out there today, and I’m about to break down a few reasons for their success.
It’s All About Community
You’ll hear this all the time, and it’s the truth… but it’s also one of the hardest tasks to accomplish online. There are thousands, if not millions, or sites out there with large forums and readerships, but to have the community contribution that FatWallet has, is just amazing. Users flock to FatWallet every day not only to access the latest coupons, but also to share their new findings and success stories in the FatWallet forums. Not only will you find the latest coupons and discounts, but ask Wikipedia notes, “There are several tax professionals who go on to FatWallet to answer people’s questions regarding taxes.“. FatWallet has become so large and successful, it has expanded outside of just a coupon site and now an information and referral resource to others.
FatWallet has What You Want
How many times have you done a “xxxx coupons” search on Google, then find your way to a site that doesn’t even have coupon codes. It happens to me often, and I hate it! Being in the internet marketing niche, I’m sure you’ve searched for “GoDaddy Coupons” on Google. The number one result, FatWallet of course! Not only is it the first result, but it has several pages on coupon codes that I use EVERY time I buy a domain through GoDaddy. This is just one example, can you imagine how many other listings they have number one rankings for. The quality here is priceless, and every time is a “call to action” search… people are wanting to buy!
Incentivization & Extra Savings are Key
Making FatWallet stand out even more from the competition is their ability to offer even more of a discount, on top of any coupon codes listed on the site. Because we are affiliate marketers, we know FatWallet can offer 2-6% back on several products or sales, because they get a commission on every referral. However, taking a smaller commission percentage and passing that back to the customer, has built a loyal following and huge member base at FatWallet. Most recently, FatWallet has added a FireFox Toolbar to their arsenal to keep site members updated with new coupons and access to shopping partners.
What We Can Learn from FatWallet
The success story of Tim Storm and FatWallet is a great one. While it’s taken a decade to get to where it is today, it just goes to show you once again… the little guy can compete with the big players, and over come the competition. While Tim is attacking the “coupon and discounts” niche, there are still so many other untapped markets waiting for a “FatWallet” type of site to come to rise. The success of FatWallet is due to their massive and loyal community, along with their contribution to building the site in which they love and visit daily. If you can establish this type of mentality with any business, you are destined for success!
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