Yelp is a publicly-traded company; therefore, it has one ultimate goal: make money. If it doesn’t make money, investors won’t give money to the company. Yelp, in an effort to appease its investors, has now detailed a growth plan which will allow it to expand outside of restaurant reviews (what’s the review website is best known for). Fortune has the story so read on to learn more.
New Industries and Features
Yelp makes money when people invest in the company. More organically, Yelp makes money when businesses advertise on the platform. If more industries than restaurants become popular on Yelp, the platform will have businesses from all types of industries advertising there.
Danielle Abril of Fortune writes, Yelp “wants to become a destination for finding and booking house cleaners, painters, and exterminators.” Home services is just one example of an additional industry that Yelp is targeting. But what about the new features?
Danielle continues, “on Tuesday, as part of its new plan, Yelp introduced three new products for businesses. The three new products aim to let businesses post their own information. Companies must pay a dollar or two daily to have access to the features.” These features include:
- Letting companies say “whether they’re family-owned, have certified professionals, or to specify how long they’ve been in business”.
- Allowing businesses to use photos.
- Giving applicable companies “professional license” badges.
Will these new tools help turn the company around? That’s their hope. If your company isn’t on Yelp yet, we recommend getting started because it gives you a larger online footprint.
Featured photo is Yelp logo