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CEOCFO Monthly Analyst
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Registering over six-hundred thousand new members per month
Advertising Sector: Services, NASD: CSAV CoolSavings.com, Inc. 360 N. Michigan
Ave. - Suite 1900, Chicago, IL
60601
Mr. Steven M. Golden, Chairman,
President and Chief Executive Officer Interview conducted by: Walter Banks Co-Publisher CEOCFOinterviews.com - December 2000 CEOCFOinterviews - Mr. Golden, can you share some of your career
accomplishments with us? Mr. Golden - “When I graduated from MSU with a B.B.A, I went into
manufacturing. Running an Internet company in certain aspects, is
very similar to managing a manufacturing business, in that you have to establish processes
to get things through a system, taking something form step A to step B. In
the 1980’s, I started a company that provided real estate information through a multi-list service to companies in Michigan. We provided tax roles and property
information. In the 80's computers worked on a prime mainframe system, so while the
computer searched for information we were able to administer advertising. This is where I honed my skills in direct marketing. I also have financial experience from working for Solomon Smith Barney. So, I
bring coolsavings.com
a unique combination of direct marketing, manufacturing and financial experience. Even with a broad background, I recognize
that I still know very little, which is why I've surrounded myself with a
lot of very smart people, giving them the opportunity to shine.” “For anyone who wants to be a CEO of a company, or is a CEO
of a company with one person or thousands of people, the greatest advice I could give them
is to know their own limitations. At CoolSavings it is my job
to watch the bottom line, I am very cost conscious about how we produce things and get
them through the system, but my primary function is as a visionary and problem solver. I
look to see what the system needs and what the public will accept.” CEOCFOinterviews - Please tell us about coolsavings.com. Mr. Golden - “There are two different aspects of CoolSavings
that need to be considered. First, we are an e-marketing company that provides consumers
with coupons or other incentives to purchase our advertisers products or
services. CoolSavings gives the consumer one place to
go before they shop in traditional bricks and
mortar stores, clicks and mortar stores or
through online retailers. It also offers the consumer a variety of value
propositions because consumers are motivated in different ways. Certain people are
motivated by coupons, others like free samples and some like
loyalty points. CoolSavings offers the
consumer the widest gambit of promotional incentives. Other web sites or
competitors in our space offer a niche solution such as just points or just
e-mail. CoolSavings offers the consumer the total savings
infrastructure.” “The second aspect to CoolSavings
that needs to be considered is the advantage to our advertisers. CoolSavings
offers advertisers the ability to work at building a good
relationship with their consumers, taking these consumers form acquisition
to loyalty, and reducing their cost along the way. We have a very sophisticated data
warehouse in which we mine our consumer data. We take every transaction that a
consumer makes on our site, or every offer that they look at,
and save that information in their individual and household profile. The advertiser gets to use not only the
direct demographic data, but also correlation data. Therefore, if someone has children and they
pulled a diaper coupon, from the correlation data, Ford
Motors target this same consumer with a mini van. This presents the advertiser
with a huge advantage in targeting their product to the right consumer at the right
time. We are not only giving the advertiser the correlation data, but we also provide them
with a wide array of incentive solutions to
motivate individual consumers, based on, as I said earlier, the
realization that not everyone is motivated in the same fashion . ” CEOCFOinterviews - Would you please tell us about the
demographics of those who register as members. |
