23/07/2024 | Press release | Distributed by Public on 23/07/2024 10:18
In this Summer Ad Release we're introducing:
As Yelp celebrates its 20th anniversary, our mission to connect people with great businesses remains at the forefront of everything we do. Our commitment to product innovation is designed to meet the diverse needs of all our users, including consumers and businesses across categories and sizes. Since April 2023, we've introduced more than 75 new features and updates to help consumers find the right businesses for their needs, and help businesses successfully attract new customers.
Today, we are delivering on our commitment to drive more value to national services businesses and advertisers across categories with a series of new features and updates. With Request a Quote for Brands, enterprise services businesses will be able to leverage the power of Request a Quote, Yelp Guaranteed, and more, to simplify lead generation and management across multiple locations and give consumers peace of mind when hiring service providers. New video and audio ad formats offer innovative ways for both advertisers to reach audiences on and off Yelp, while also helping them future-proof their measurement strategies. People frequently come to Yelp to engage with national brands, and we're excited to introduce new features that help them achieve their business and advertising goals.
Millions of people come to Yelp to connect with pros, whether they are in search of a new landscaper, need to repair a dent in their car, or want to find a new hairdresser for a special occasion. As our fastest-growing category, services businesses have found notable success on Yelp as we've prioritized building innovative features that help them reach and connect with customers. Now, for the first time, we're expanding many of these features, including Request a Quote, Yelp Guaranteed, Portfolio, and Verified License, to brands and multi-location businesses.
We first introducedad products for multi-location advertisers in 2019 and have continued to innovate with new products and features that help this segment of businesses engage with our high-intent audience. Today, we're announcing several updates for these advertisers, including enhancements to Spotlight Adsto enable brands to surface video ads in new ways across the Yelp platform; an expansion of Yelp Audiencesto audio platforms and connected TV providers; and a new conversion API that will help advertisers more effectively measure their ads.
Originally launchedin 2022, Spotlight Ads have provided national businesses with an impactful way to reach Yelp's users by displaying a video or photo ad unit on the home feed. Today, we're expanding Spotlight Ads video placements to also appear among the photos on Yelp business pages, a highly trafficked destination, helping both location and non-location-based advertisers reach even more consumers across the platform. In early tests, brands like Prime Video and Virgin Voyages used Spotlight Ads to increase awareness and consideration intent among Yelp's audiences.
Yelp Audiences, our enterprise solution that helps brands reach Yelp's high-intent audiences on other websites and platforms based on Yelp search activity, now allows advertisers to reach even more of Yelp's high-intent audience on connected TV (CTV) and audio platforms. Advertisers will now be able to target audio ads to Yelp users when they're streaming music and listening to podcasts across Spotify, Pandora, SiriusXM, iHeart, and more. We've also made our CTV offering more cost-effective for brands while maintaining our high standard of premium inventory sources, including platforms like Hulu, Disney+, and Paramount+. These improvements have resulted in more brands using CTV through Yelp Audiences in 2024 to date than in all of 2023. To leverage Yelp Audiences, advertisers provide creative assets and Yelp delivers the ads on premium websites, mobile apps, and video and audio streaming services, based on the user's search intent while on Yelp.
The new conversion API (CAPI) offers brand advertisers an even more accurate way to measure the value of Yelp Ads while also future-proofing their measurement strategy. CAPI allows brands to analyze any conversion from lead to transaction, measuring what matters most for them without relying on cookie signals, whether conversions happen online, offline, or in-app.
In early testing, CAPI is already driving significant value for advertisers. "When we measure our return on ad spend from a last-click perspective, we're about 2x to 4x on Yelp," said Paul Baumgarthuber, chief marketing officer at LaserAway. "When we matched the data to understand how Yelp Ads influences our customers, we're at about 8x return on ad spend using Yelp's conversion API product." CAPI is now available to any brand advertiser at no additional cost.
Our commitment to connecting people with great local businesses continues to be the north star guiding our product innovation. By expanding our offerings for national services providers, we are not only helping businesses manage and drive leads more effectively, but also providing consumers with more options so they can be confident in their choices. New products and offerings for national brands will give these advertisers more options to reach our audiences.
As we continue to adapt and innovate, Yelp is poised to support the dynamic needs of national businesses, setting the stage for a future where every interaction is more intuitive and valuable. Stay tuned for more exciting developments as we continue to enhance our platform and services.
If you're a multi-location business or brand interested in learning more about advertising on Yelp, visit Yelp for Brands.
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