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In 2005, Ben Fischman was CEO of SmartBargains. It was a discount website selling everything from bedding to luggage.
The deals were fantastic. Visitors flocked to the site for prices up to 75% off. It was an overnight success.
But by 2007, the buzz was gone.
Competitors had cropped up. Dozens of newer sites were offering better deals and cheaper prices.
SmartBargins lost its market share, and visitors left in droves.
So Fischman tried again — except this time, he eventually sold his comparable website for $350 million.
Here’s how he did it, and what it means for marketers.