Locals Love Us Entrepreneurial Mindset Academy
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On May 5, 2016, I spoke at the Entrepreneurial Mindset Academy on the campus of Augustana University. The course is a partnership between Augustana and the Zeal Center for Innovation and Entrepreneurship. For more information, see http://www.augie.edu/center-innovation-and-entrepreneurship/entrepreneurial-mindset-academy
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Locals Love Us Entrepreneurial Mindset Academy
- 2. 2004: The Local Best begins
- 3. 2011: Private Equity Partner
- 4. 2011: Local Love Us expansion • 2011: Shreveport, LA; Tyler, TX; Longview, TX • 2013: Lafayette, LA; Waco, TX • 2014: Locals Love Franchising; Quad Cities, IA-IL • 2015: Fargo, ND
- 5. LLU Program
- 6. The Locals Love Us Process
- 8. It Starts with Local Voting http://vote.thelocalbest.com/sioux-falls
- 9. Award winners get the Heart
- 10. Consumers get a Free Directory
- 11. Businesses get Trusted Advertising “Services businesses that go into people’s homes need trust. People don’t want anyone in their home that they don’t fully trust. And Locals Love Us is just like having a neighbor say ‘trust this company.’” - Coy Dodd, Coy Dodd Air Conditioning, Tyler, TX
- 12. Business & Consumer Trust • For Locals Love Us to be successful, our directory has to be trusted by and work for… • …local consumers, who want a source of information they can trust, and • …local businesses, who want a better way to reach local consumers with trusted information • We call it…
- 14. Once Upon a Time
- 16. The Rise of Ad Avoidance • Launched by the FTC in 2003 • 62 million numbers were registered in the first 12 months • 168 million were registered in the first four years
- 17. Give me my Internet back!
- 18. The DVR A third of everything watched on TV is viewed later and 74% of Americans do that so they can skip the ads.
- 19. Don’t clutter my skyline!
- 20. I’ll give you money to go away
- 21. Extreme Response
- 22. Who we trust
- 23. Who we trust
- 24. Who we trust
- 25. We also trust the Crowd
- 26. What do we trust the most Source: Nielsen Global Trust in Advertising Survey – 9/13
- 27. Trust over time 78% 92% 84% 61% 70% 68% 54% 42% 57% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 2007 2012 2013 Recommendations from people I know Consumer Opinions posted online Magazine Radio TV Newspaper Source: Nielsen Global Trust in Advertising Survey 3Q 2011
- 28. Edelman: Who do we trust? 2015 Edelman Trust Barometer 32% 34% 40% 45% 46% 52% 53% 60% 70% 72% Brands I don’t use Celebrities Elected officials A well-known online personality A company CEO Employees of a company A journalist Companies I use An academic expert My friends and familyTRUSTED NEUTRAL DISTRUSTED
- 29. Forrester: Who do we trust? Forrester: How To Build Your Brand With Branded Content
- 30. Does Trust lead to sales?
- 31. Yelp.com • Restaurants: one-star increase = 9% revenue increase • No increase for chain restaurants • Chain revenue share declines as Yelp penetration increases • Bigger impact expected in industries with less info • Advertising Impact • $8,000 annual revenue for Yelp.com claimed page • $23,000 annual revenue for Yelp.com advertisers Sources: Reviews, Reputation, and Revenue: The Case of Yelp.com & Unlocking the Digital-Marketing Potential of Small Businesses
- 34. HomeAdvisor
- 35. Porch.com
- 36. Thumbtack
- 37. Amazon Services
- 38. Groupon Pages
- 40. Google Local
- 41. Lots of Locals
- 42. Lots of Locals
- 43. Q&A