Dive Brief:
- Yelp and Sprinklr, a social technology company, have teamed up in a data licensing partnership that will provide businesses access to full reviews, business insights and sentiment analysis on business reputation.
- Yelp gets over 86 million average monthly unique mobile visitors and more than 95 million reviews as of the end of 2015.
- "Our goal is to show the high ROI that most businesses see when advertising on Yelp," Chad Richard, SVP business and corporate development at Yelp, said in a statement.
Dive Insight:
Richard pointed out in the same statement that many of Yelp’s advertisers already use Sprinklr for insights into their online presence. "With the addition of Yelp data, Sprinklr will have access to the highest quality, up-to-the-moment local data and analysis available," he explained.
The partnership is the first of its kind for Yelp.
"In a world where 89% of companies now compete mostly on customer experience, access to the content, data and sentiment analysis from the world’s most popular ratings and reviews site is critical to all brands," Kristin Muhlner, EVP of Revenue Operations at Sprinklr, said in a statement. "We’re thrilled to be able to provide our clients with these much-needed insights as Yelp’s inaugural social analytics partner."
Sprinklr clients have included McDonald's, Nike and Microsoft.
According to Ad Age, Yelp could use the revenue injection right now amid a slumping stock price and noise from unhappy investors. Its stock is trading around $17 a share, compared to $47 a share around a year ago. That being said, Yelp saw some saw 95 million reviews in 2015 and had more than 86 million unique monthly visitors, so for marketers, the prospect of gaining deeper insights from this data on consumers is very attractive. After all, if marketers could anticipate what customers want by having a better understanding of them, that would set them up for greater campaign success.
