Signpost, a social network for daily deals experiences record growth

Signpost isn’t just another daily deals site (thank god.) The Google Ventures and Spark Capital backed startup acts like a social network for bargain hunters by combining exclusive deals created by local merchants with user generated content from local citizens.

Personally, I’ve never visited a daily deals site and purchased a deal so quickly. The first time I visited Signpost, I was cashing in on a $25 acupuncture session that night. (It went well.) Deals are displayed in easy-to-navigate categories such as shopping, food, spa, etc. Once you click on a deal, you’re presented with an intuitive interface of large, simple photos and a comment section below each deal where other users provide feedback on the deal or venue.

Signpost allows anyone that signs up to post deals in their neighborhood and vote on other ones that they like. Active Signposters receive Karma points, which provide access to better deals and discounts. The formula is simple: for every 5,000 Karma points you earn, you receive $5 towards any deal for sale on Signpost. Other ways to earn Karma include inviting new members and sharing deals. For example: Free yoga in the park!

For local merchants looking to offer deals to consumers, the Signpost Merchant Center helps local businesses create and distribute pre-paid offers. Unlike other daily deal sites, Signpost gives businesses the freedom and flexibility to set their own terms and create offers for when business is typically slow. Since launching its Merchant Center in February of this year, Signpost has been experiencing 100% month-over-month growth.

“After hundreds of aggressive sales calls, local businesses are beginning to question the actual cost of running a daily deal and whether or not it will generate repeat business.”

-Signpost co-founder Stuart Wall

In May, Signpost announced the launch of its Deal Scout program. “Deal Scouts” are members who introduce their favorite businesses to Signpost, develop promotions with these businesses, and in return, are rewarded with financial incentives. In a two-week beta period, Signpost helped some Scouts earn in excess of $1,400. By eliminating the cost of a sales force and working with Deal Scouts, Signpost can offer lower fees compared to other daily deal sites.

The company’s CRM tools offer other advantages, as Signpost can recommend deals to consumers who have previously purchased similar deals in the merchant’s neighborhood and give merchants the option to send messages directly to their existing customer base for no fee.

Signpost currently has over 300 exclusive deals and promotions on its platform and operates in Boston, Chicago, New York City and San Francisco with more cities coming soon. Sign up for Signpost here and download the Signpost iOS app here.