![]() ![]() In 2020, Yelp’s year-over-year revenue slowed by 14%, compared to the previous year. Yelp’s earnings performance has been on a downward trend for years, even prior to the pandemic. Over 60% of consumers say they check Google reviews before visiting a business, with 45% saying they’re likely to check Yelp ratings, according to ReviewTrackers data. That –along with Google’s efforts to surface its own reviews above Yelp’s - has led to a years-long rivalry between the two companies as they continue to vie for SEO dominance. For example, Google has made it easier for customers to enter reviews, which appear on the business’ homepage during search. In recent years, Yelp has faced a rise in competition, namely from the likes of Google, OpenTable and Resy, who have all clamored for market share. In 2014, the company boasted 135 million unique monthly visitors - a 13% year-over-year increase from the year before. This pay for visibility model paved the way for other restaurants platforms like DoorDash and GrubHub. After years of building its business model around selling ads, the company went public in 2012 and continued to court businesses to buy ads in exchange for greater visibility, which helped it become profitable two years later. Deshmukh isn’t the only one.įounded in 2004, the customer reviews-based site and app became a vital part of businesses’ marketing efforts. Instead, the focus is mainly on other marketing funnels, like organic social growth via Instagram and Google - as well as keeping an eye on other restaurant platforms like Resy and Tock.
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