A roundup of today’s big stories in hyperlocal media, technology, advertising and startups.
Ex-AOL Salesman: Here’s How To Save Patch (Business Insider)
Nate Carter: In order to make Patch work the overall cost structure needs to be reduced by more than 50%. To be profitable, Patch would need to generate $10/resident/year in revenue to be sufficiently profitable at its current cost structure. Quite simply this is unrealistic and part of the issue with Patch in its march towards becoming a viable organization.
Foursquare’s Claim to Fame, the Check-in, Could Become Its Downfall (VentureBeat)
Jennifer Van Grove: Regular folks can’t relate to explicit location-sharing — only six percent of online adults are open to using geolocation apps — and points and badges aren’t compelling enough reasons to warrant a change in their behaviors. To moms, dads, uncles, aunts, kids, sisters, brothers, and you and me, location has meaning, but only in its ability to enhance a story, not to win some virtual badge.
SEC Pressed Groupon on Accounting (New York Times)
Ahead of Groupon‘s highly anticipated initial public offering in November, the Securities and Exchange Commission repeatedly pressed the daily deals giant to defend its business model and its accounting measures, according to comment letters recently disclosed.
13 Location-Based Marketing Tips for Entrepreneurs (Mashable)
Scott Gerber: Location-based marketing isn’t about jumping on a bandwagon. After all, geo-targeting can be daunting, even for the web-savvy. Should I reward check-ins on Yelp, Foursquare or both? Where should I target my marketing efforts? How long before I can expect results?
Groupon Acquires Stealth Silicon Valley Startup Campfire Labs (TechCrunch)
Groupon has continued its (talent) acquisition spree with the recent purchase of a hot Silicon Valley startup before they even launched – and with extremely little fanfare. Campfire Labs, which was founded by ex-Googler Sakina Arsiwala and her husband, social search technology expert Naveen Koorakula, was quietly bought by Groupon.
4 Ways Small Business Websites Can Drive More Sales (Mashable)
Aaron Sperling: Once you begin updating your content more frequently, making ecommerce simple and easy for visitors and utilizing social media and SEO to their full potentials, you’ll be well on your way to improved lead generation and more visitor conversions.