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Business Reviews

Business Reviews. February 29, 2012 Josh Friedman UWSMC – SOC MED 200. Business Reviews. Business Reviews. Category-specific Location-specific Consumer reviews B2B Government User-generated vs. Curated. Founded in 2004 in San Francisco Every Major Metro Area in the US and Canada

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Business Reviews

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  1. Business Reviews February 29, 2012 Josh Friedman UWSMC – SOC MED 200

  2. Business Reviews

  3. Business Reviews • Category-specific • Location-specific • Consumer reviews • B2B • Government • User-generated vs. Curated

  4. Founded in 2004 in San Francisco • Every Major Metro Area in the US and Canada • Expanding in Europe and Australia • Free, ad-supported • Incentive-based system

  5. 25 Million Reviews • 23% Shopping • 22% Restaurants • 10% Home and Local Service • Seattle: 60,000 Reviews, 70% of Seattle Restaurants • Seattle Times Covers Only 5% of Seattle Restaurants • Food and Wine Magazine Covers Less Than 1%

  6. 66 Million Unique Visitors per Month • 5.7 Million Visitors on Mobile Apps • 40% of Search Traffic on Mobile Apps • User Demographics • Young (18-34 = 42%) • Wealthy ($100k+ = 64%) • 80% of Reviews are 3 Stars or Higher

  7. Harvard Business School study • “…increases in independent or small chain restaurants' Yelp ratings lead to revenue increases, with ratings having more impact the more reviews a restaurant gets.” • 3,582 Restaurants (Seattle) • 2003 – 2009 • 1 Star Rating Increase Boosts Revenue 5% - 9%

  8. Yelp Review Filter http://youtu.be/Dqi-jjbEKcs

  9. Vs. • Customized Reviews • Business Features • Insights

  10. Users • Ratings • Reviews • “Smart” Recommendations • Google+ • Search History • Location/Google maps

  11. Business • Listing • Google search results • Google Maps • Content (photos, videos, menus, etc.) • Offers/coupons/promotions • Respond to reviews • Insights • Targeted advertising (Google Adwords) • Other Google services for business

  12. “Not participating doesn’t make people stop talking about you. It just means you aren’t part of the conversation…”

  13. Sources • http://blogs.wsj.com/digits/2010/03/17/small-businesses-join-lawsuit-against-yelp/tab/article/ • http://www.businessinsider.com/this-chart-explains-why-yelp-may-never-make-a-profit-2011-11 • http://blogs.hbr.org/cs/2011/12/yelp_is_leaving_chains_behind.html • http://blogs.hbr.org/cs/2011/11/yelps_ipo_will_test_the.html • http://www.hbs.edu/research/pdf/12-016.pdf • http://officialblog.yelp.com/2010/03/yelp-review-filter-explained.html • http://www.yelp.com/html/pdf/Snapshot_Q4_2011_en.pdf • http://smallbiztrends.com/2011/02/yelp-data-shows-power-mobile-marketing.html • http://www.websitemagazine.com/content/blogs/posts/archive/2011/03/25/20-user-review-websites-critical-to-small-business.aspx • http://www.wolf-howl.com/socialmedia/react-negative-social-media-reviews/ • http://www.marketingzen.com/online-business-review-sites/ • http://mashable.com/2010/08/04/google-place-pages-reviews-response/ • http://www.bbb.org/us/

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