Analysts predicted a revenure growth of $30.5 million for Q2 2012 for Yelp! And much to the pleasure of shareholders, the company posted revenue of 32.5 million yesterday.
So why the unexpected rise? With others, like Google and Facebook, getting into the Local Search game, it’s important that Yelp! make some important changes to distinguish them from the competitors; that’s just what they’ve done.
Their focus has been mainly on mobile, which is a great place to place your focus these days, and expansion into other countries–like Denmark, Finland and Norway. So what’s new on Yelp!? Well, for starters, they’ve continuously revamped the look and functionality of the mobile app, which makes it easier for users to see the location of various places and their ratings. Secondly, the company has announced a partnership with Apple to integrate their content into iPhone and iPad software, which will be a huge leap forward.
If an increase in reviews of 54% is any indication, it means that the word-of-mouth factor of social is still continuing to grow. This is wonderful for social media marketers because it reassures us that we’re on the right track. Reviews are of the utmost importance and should be a huge factor in your social media presence. If you have to offer an incentive for reviews (Target currently enters you into a giveaway for each product review you conduct on the site), it might be worth it. It has been seen that reviews are a huge factor in consumer purchases and that more and more consumers are turning to mobile devices for information. Yelp! is leading the way on combining these two trends and leveraging them into a great resource for consumers. How can you learn from Yelp! and incorporate more reviews into your online presence?