That's pretty ingenious. Though if I were a company offering affiliate links I am not sure I would put up with this process. I imagine the majority of customers are already committed to buying from a specific company and just want to check if any coupons exist.
There are many many times that I choose not to buy something from a new vendor after going to retailmenot.com and finding no relevant coupons available. There is definitely a value-add there.
I agree, definitely customers who do that, but it is a numbers game. Is enough "new" traffic generated from RetailMeNot to sustain the affiliate links? I am not sure there is any way to know for sure at the scale affiliate programs are typically used.
You could raise similar doubts about most affiliate links that aren't precisely equivalent to a banner ad. For example, a blog with a review that uses affiliate links for monetization? Well, I usually look for reviews when I'm thinking of buying a product anyway.
At any rate, the heavy coupon shoppers I know tend to be more malleable than average based on what deals they find, so I doubt this is a low-quality referral source.
Most companies know that there will always be inefficiencies and even seriously dubious stuff wrapped up in affiliate programs, but accept them anyway.
I think there are is a counter-argument to be made because price discrimination is almost always sloppy, yet better than none at all. But your point is basically right -- most companies wouldn't want to do this. And yet the craziest stuff happens in affiliate programs...
Actually, I would love to hear more from folks out there (spez?) who have a perspective on affiliate programs. I ran experimental campaigns with Commission Junction and Expedia a few years back and found insight on the affiliate marketing business hard to come by. Any readings on this topic are appreciated.
Out of curiosity, anyone know their revenue model for bringing in $30 Million a year?