business reviews
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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 - PowerPoint PPT PresentationTRANSCRIPT
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Business Reviews
February 29, 2012Josh Friedman
UWSMC – SOC MED 200
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Business Reviews
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Business Reviews
•Category-specific
•Location-specific
•Consumer reviews
•B2B
•Government
•User-generated vs. Curated
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•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
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•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%
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•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
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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%
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Vs.
•Customized Reviews
•Business Features
•Insights
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• Users– Ratings– Reviews– “Smart” Recommendations• Google+• Search History• Location/Google maps
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• 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
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“Not participating doesn’t make people stop talking about you. It just means you aren’t part of the conversation…”
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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-re
view-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/