People love Groupon. When something is worth $18 billion dollars, what other conclusion can I reach? I’ve tried it though, and I have never been particularly enthused over the deal site.

Yes, I am a member and I’m letting Groupon push me updates wherever and whenever it finds them. There are some good dinner values, like $98 dinner for two for just $39. But for every one of those delectable deals is an offer for a spa or body treatment.

I just don’t get that excited by deals for spider-vein removal and laser hair-removal treatments. This is one of Groupon’s fundamental flaws: It simply can’t know what you want, when you want it. Deals in your area are fine, but they assume that you might be interested in that Caribbean dinner or private fencing lessons. Sure, I’m all for serendipity. Perhaps I’d find that I love fencing and be glad that Groupon showed me the way.

Those looking for deals have, I think very specific needs. If they’re in the market for a dinner, some kind of lesson or maybe a makeover, then perhaps they’d appreciate Groupon’s typical deal choice. On the other hand, those shopping for something more specific, like a laptop, new HDTV, a pair of shoes or pants, might be frustrated. I have trouble finding anything of value on Groupon. I don’t need “$50-to-$100 off Framed Artwork” or money off a tuxedo.

I actually find the way Groupon goes from here is a great deal to “Buy!” somewhat off-putting. And by “Buy,” Groupon means: Give us your credit card info now. Then you have to wait for enough people to also take the deal before you even get the coupon. Sorry, but I don’t give out my credit card info just for the chance to access a deal. “Buy!” is too much pressure for me. If I’m reading the Sunday paper and checking out the flyers for the latest electronics deals, I do not have to take any action except collect the best deals — by circling or tearing them out — and then deciding later if I want to buy any of them. With Groupon, its aggressive approach can be off-putting.

I must be missing something. As I said earlier, Groupon just pulled off an incredibly successful IPO. It’s now worth billions. I turned, as I often do, to Twitter and Google+. I wanted to know if 1) they thought Groupon is overvalued, 2) do they even like the service, and 3) if they could help me love Groupon just a little bit.

On Twitter, virtually everyone who responded directly to me said Groupon is not worth $18 billion. This comment from @HTownChowDown was pretty typical:

“Groupon's valuation is insane. It's a mailing list, and an idea with tiny barriers to entry. They'll be gone in 18 months.”

And this one from @garysimmons put the whole matter into perspective:

”So Groupon is worth $18B, but RIM only $10B? The stock market is weird and wonderful.”

Over on Google+ there was a little more ambivalence. No one is ready to say Groupon is an $18 billion company, and only a few grudgingly said they like the service. Still, even as some cast doubts on Groupon, they copped to using the service’s deals.

Christopher Brightwell said,

“It's great for the buyer but it's arguable Groupon is bad for the vendor. That said, as I write this, I'm noshing on some BBQ purchased via a Groupon deal.

This was a fairly common sentiment and a worry I’ve heard elsewhere: Groupon is not paying off for vendor partners. Merchants post deals to drive traffic into their stores and build customer retention. It seems they get one, but not always the other. In one study, 82% of retailers running a Groupon promotion were “Unsatisfied with the Level of Repeat Business.”

This is not surprising. People will come to a new store — any store — for a really good deal, but that does not mean they become devoted customers. One could argue that that’s the merchant’s fault. What are they doing around the deal to bring people back?

The other problem is competition. I’m not a deals person, but I have noticed the new deals Amazon is sending me. I’m a member there, too, but for far more than just deals. I buy books, gadgets, movies and more with Amazon. Oddly, Amazon’s deals seem even more local than Groupon’s. Still, I have not acted on a single Amazon deal.

To my mind, the deals business is fundamentally flawed and may flame out, but not before Groupon has its $18 billion moment in the sun. With all that good will and capital, Groupon may hit upon one or more strategies adjacent to or outside of deals that make it a lasting success.

For now, though, I still don’t love it. Thanks for trying, folks.

Bonus: Groupon's Rise from Startup to IPO Hit