Just booted up the laptop and jumping in a little late. In short, according to Neil Polacheck, a lot of investment in local, and a rapid movement from horizontal to vertical media is the lens through which we should all view this space.
Peter Krazilovsky steps up to the plate:
Marketplaces are conversations:
- Groupon has 1,000,000+ users
- Real time news feeds tap into existing engagement tools to add location & context to blogs, SMB sites, etc.
- Optimized content (SEO) acts as ad substitutes.
- Now more SMBs using online than print media 77% onine v. 69% print
- 0-3 yr old businesses spend 30% of budget spent online v. 13% for businesses that have been around for over 11 years.
- 39% of SMBs say they are going to use UGC reviews on their site in the next 12 months up 29% from one year ago
- 23% say they are going to use video on their sites v. 10% one year ago
- SMBs with Websites by “Super Vertical: 62% Fin Services have sites, only 34% Home Services have sites, 65% Pro Services have sites (e.g. Lawyers)
- Increasing use of online verticals by Super Verticals
- An emerging content eco-system, driven from a cloud-based platform. Uses free or inexpensive tools like blogs, social nets, Twitter, etc. Content gets scraped and finds its way to local search sites.
- # of sources used in shopping for local products by avg consumer from ’07 to ’10 – 5.6 to 7.9!
- The Internet is now heavily integrated into purchasing behavior:
- - 82% use Web as primary or secondary source for product purchases
- - 45% use Web to research non-routine purchases before buying
- - 27% completed purchase online
- More searches being done on mobile devices for local services (18.5%) v. out of market searches (11%)
- “App or Ad” is one of the new decisions a SMB has to make to allocate mktg resources
- Get out of your product or media silo! Think about the entire communication & transaction chain.