Local Corporation (NASDAQ: LOCM), a leading online local media company, today announced the launch of the first in a series of industry-specific, content driven websites designed to further extend its reach and engagement with local consumers and businesses.
The company, which connects businesses with over a million consumers each day and was recently ranked #8 on Website Magazine’s “Top 50 Digital Advertising Networks,” plans to leverage these new industry-specific sites to further expand its reach into and monetization of local markets.
The first site, www.insurancelow.net, offers a car insurance guide that provides important decision criteria when choosing an insurance carrier, as well as the ability to compare quotes, and a directory for car insurance agents. Auto insurance is a $161 billion industry that, according to J.D. Power and Associates, spent about $5.3 billion on advertising in 2011.
Each site is expected to include educational articles and other content about specific topics, the ability to request and receive a quote from licensed industry professionals by completing a brief form, and a directory that enables consumers to search for and locate service providers in their local area, including contact information and, where available, user ratings and reviews.Local Corporation expects to focus monetization of its new portfolio of industry-specific sites primarily via lead generation, but will also monetize through a variety of digital ad formats, including pay-per-click, pay-per-call, display and subscription ad units. The company plans to launch additional vertical sites in other key consumer service categories in the future. “We already provide small businesses with leads as part of our ‘Launch by Local’ digital media suite for small businesses, so it’s natural for us to expand further into this performance ad segment,” said Heath Clarke, Local Corporation, chairman and chief executive officer. “These sites expand our ecosystem and lead generation is expected to help us to optimize overall monetization by harvesting leads from the 30 million consumers we reach each month, who are searching for goods and services locally.”