The Future of Local Commerce = Facebook + Foursquare + Yelp + Groupon [+ Outdoor]

Image representing Foursquare Solutions as dep...
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Buy local? It’s more than just a tagline but if you want more than your fair share of drive by business, you have to consider what these tools can do for you…

“There’s been much hype, crazy valuations, and overall market excitement about businesses that promise to unleash the power of the social graph, location, recommendations and group buying. Facebook’s latest valuation according to SecondMarket is now about $30 billion, Foursquare raised $20 million at a post-money valuation of $115 million while still at a pre-revenue stage, Yelp, short of selling for $550 million to Google, raised over $25 million at an undisclosed but very high valuation, and finally Groupon raised $135 million at a whopping $1.35 billion valuation. So besides their huge success with the investment community, and their users, what do these companies have in common, and what does all this have to do with disrupting Local Commerce?” Source: The Future of Local Commerce = Facebook + Foursquare + Yelp + Groupon

imho, you if you want maximum impact, you also have to consider what these tools will do for you when combined with old media like outdoor advertising as well, but not everyone has the ability to help you integrate outdoor like e1evation does

What do each of these tools do? Here’s your primer and why you should care…

“Let’s focus on the main function each of these different startups provide to understand how bringing them together will ultimately disrupt multiple trillion dollar industries:

  • Facebook: provides the Social Graph, which is fast becoming a utility. Through its open platform, and APIs, we share more about our lives and our interactions online and on mobile every day.
  • Foursquare and Gowalla: provide location services and check-ins, along with game mechanics that motivate users to unlock badges, earn mayorships, and get discounts at local stores in the process.
  • Yelp: provides crowdsourced reviews of local businesses. Now also provides check-ins, and offers.
  • Groupon: provides discounted offers against a promise to increase sales and bring in brand new customers to local businesses.

The interesting thing here is that there’s a lot of overlap between the features offered by these companies. Recently, Facebook launched Places, a mobile geo-location service that mimics Foursquare local check-ins. Yelp also added check-ins, and recently rolled out Yelp Deals, a Groupon clone.” Source: The Future of Local Commerce = Facebook + Foursquare + Yelp + Groupon

My advice? Find someone who can help you get launched and get moving, but I’m in that business so what would you expect me to say? Really! Comment, call or use the contact form to connect so we can talk about how this applies to your business…

3 thoughts on “The Future of Local Commerce = Facebook + Foursquare + Yelp + Groupon [+ Outdoor]

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