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Groupon axes CEO and COO as company looks to mount a recovery during a crisis

While plenty of tech stocks have seen their market caps dive in the past month, Groupon has taken a harder hit than most. The company’s share price has dropped more than 70% in the past five weeks.

The reckoning came for Groupon’s leadership today with both CEO Rich Williams and COO Steve Krenzer ousted. In an announcement, Groupon shared that both execs would be pushed out of their roles and that Groupon’s President of North America Aaron Cooper would serve as interim CEO.

While the impact of COVID-19 on retail across the country will certainly further negatively affect Groupon moving forward, the company was in dire trouble weeks before the crisis fully took root stateside. Groupon took a beating on its Q4 earnings report, where it widely missed expectations and showcased seriously declining revenues.

The company’s board will be leading the search for a full-time chief executive. For the time being, Cooper will be tasked with the company through an undoubtedly rough period as many of its current and potential customers close up shop.

“The disruption created by the global pandemic, however, is significant, and our immediate goal is to help millions of Groupon merchants, customers and employees navigate the massive challenges they face,” interim CEO Aaron Cooper said in a statement.

Groupon’s stock was down a hair on the news, though its stock has seen some upward movement from its recent all-time low even as the rest of the market has tanked. One wonders whether investors believe that the entire market enduring a crisis could give the company an opportunity to take stock of its future or if they simply think they found the share price’s bottom.

Founders who share insights can build industry trust at scale

Everyone knows that press features don’t drive sustainable traffic. But they still matter for one simple reason: sales requires trust. Trust is transitive. And the press is trusted.

Press features validate the legitimacy of a company, lend it authority, and ultimately lead others to trust it more.

I’ve seen this first hand, having gone from being an unknown outsider to becoming the most popular expert in the world in my space — contributing articles to 14 publications and driving more than 37,000 prospective customers per month to my blog.

In this article, you’ll learn the steps I took over the last year to go from being unknown to expert, and how this strategy has helped me open doors and close deals. All from this simple strategy that I used to build my own authority in the industry and leverage the press that people trusted to build authority and build SEO.

I initially discovered this strategy out of frustration. The businesses that I was selling to didn’t trust me because I was an outsider. I didn’t have credibility in my industry. I didn’t have status symbols people associate with trustworthiness.

In fact, I had the opposite. I dropped out of high school in 10th grade. I never went to college. I had never worked for a big company. And our customers in the early days were a few small independents. So people didn’t trust me enough to trust that my technology would work for them. I’d often be denied sales opportunities as a result.

The question was, how could I turn that around and become trusted before the sales process begins? Because that, I suspected, was how I could start closing more deals. This strategy was my solution to those repeated frustrations and it has since lead to deals with billion-dollar brands and small brands alike. It even impressed people who ended up backing my company.

Perfect your digital marketing skills with these online courses

Perfect your digital marketing skills with these online courses

No matter what you do for a living, having sound knowledge of digital marketing is bound to get you ahead at work. And with around four in 10 Americans having side hustle, there’s more need than ever to sharpen up your digital and social media strategy and learn how to boost sales and build a successful brand.

But with so much work to do in your spare time, it’s unlikely you have the time to get another degree while working round the clock. Instead, online digital marketing courses can help you brush up your knowledge and learn new skills in as little as 45 minutes, and are more flexible and less expensive than degree courses. You just need to pick one that suits you and your business. Read more…

More about Marketing, Online Learning, Mashable Shopping, Consumer Tech, and Shopping Onlinelearning

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