Locals Love Us Entrepreneurial Mindset Academy

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Locals Love Us

Transcript of Locals Love Us Entrepreneurial Mindset Academy

Page 1: Locals Love Us Entrepreneurial Mindset Academy

Locals Love Us

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2004: The Local Best begins

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2011: Private Equity Partner

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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

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LLU Program

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The Locals Love Us Process

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Annual Calendar

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It Starts with Local Votinghttp://vote.thelocalbest.com/sioux-falls

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Award winners get the Heart

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Consumers get a Free Directory

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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

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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…

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Trust-Based Advertising™

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Once Upon a Time

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Massive Media Fragmentation

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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

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Give me my Internet back!

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The DVRA third of everything watched on TV is viewed later and 74% of Americans do that so they can skip the ads.

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Don’t clutter my skyline!

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I’ll give you money to go away

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Extreme Response

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Who we trust

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Who we trust

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Who we trust

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What do we trust the most

Source: Nielsen Global Trust in Advertising Survey – 9/13

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Trust over time

2007 2012 20130%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

78%

92%84%

61%70% 68%

54%

42%

57%

Recommendations from people I knowConsumer Opinions posted onlineMagazineRadioTVNewspaper

Source: Nielsen Global Trust in Advertising Survey 3Q 2011

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Edelman: Who do we trust?

2015 Edelman Trust Barometer

Brands I don’t useCelebrities

Elected officialsA well-known online personality

A company CEOEmployees of a company

A journalistCompanies I use

An academic expertMy friends and family

32%34%

40%45%46%

52%53%

60%70%

72%TRUSTED

NEUTRAL

DISTRUSTED

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Does Trust lead to sales?

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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

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Trust-Based Advertising™Competitors

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Some Obvious Names

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HomeAdvisor

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Porch.com

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Thumbtack

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Amazon Services

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Groupon Pages

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Facebook Services

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Google Local

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Lots of Locals

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Lots of Locals

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Q&A