Yelp debuts "Community Joint Promoted Advertisements"
In the ever-evolving world of online business, Yelp is making waves with its new co-branded ad format. This innovative approach is revolutionising the way brands and local businesses collaborate, providing mutual benefits in terms of visibility and revenue.
The co-branded ads are seamlessly integrated into Yelp's search results, showcasing both the brand's product and the local partner. This strategic placement ensures that brands gain local relevance and visibility without the need to operate their own branches. Simultaneously, local businesses, often lacking an advertising budget, can enjoy free reach and potentially additional revenue through this partnership.
Yelp's relevance in Germany has grown thanks to its integration with Apple Maps. However, it is not a leading review portal in the country. Nevertheless, the company is expanding its AI-powered platform, focusing on review insights or discovery optimizations.
The success of Yelp's new format is evident in the results of its pilot projects. For instance, Bilt Rewards' project generated over 300,000 measured on-site visits and an average increase of 5.5% in Yelp page views for partner restaurants in New York City. Similarly, Pepsi's co-branded ads under the "Local Eats" theme resulted in a over 25% lower cost-per-lead for restaurant partners.
The creative implementation of these ads is tailored to search queries like "burgers near me" with Pepsi as a beverage partner. This context-based approach aligns with the broader industry trend, as advertisers are turning to privacy-friendly, context-based solutions due to the decreasing availability of classic user tracking methods.
It is likely that competitors like Google or Tripadvisor will follow with similar concepts. In 2024, companies such as Airbnb, Starbucks, and Nike conducted pilot projects with Yelp involving the new co-product advertising.
The new Yelp format, built on Sponsored Collections, includes local partnerships between brands and distribution partners (dealers, restaurants). This win-win situation provides local and immediate relevance for brands while benefiting the partners with increased visibility and traffic.
In 2024, Yelp recorded a record revenue of 1.41 billion US dollars, driven by advertising. This economic tailwind is providing the impetus for such innovation initiatives. Moreover, approximately 82% of Yelp users, according to Yelp's own statements, book or buy within a week after finding a business on Yelp - a strong impetus for advertising in this environment.
Yelp's new format is just one of the ways the company is innovating. Alongside the expansion of its AI-powered platform and the introduction of new tools for large brands, such as the "Request a Quote for Brands" introduced in July 2024.
In conclusion, Yelp's new co-branded format is a game-changer in the world of online advertising. By providing mutual benefits to brands and local partners, it is setting a new standard for context-based, privacy-friendly advertising solutions.
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