Just sharing an amazing story today of American free enterprise success from the New York Times today.
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DealBook
By MICHAEL J. DE LA MERCED, RON LIEBER and CLAIRE CAIN MILLER
The deal for the company behind the "highly popular" guides to restaurants and bars will make Zagat a cornerstone of Google's local content offerings.
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It is always refreshing to see more than thirty years of work pay-off and for the Zagat’s that dream has now come true.
In times when all the noise is about hyper-local everything and the value of that content is being assumed more than realized - there still is a lot of work to be done to actually secure hyper-local content about anything of value.
Zagat. So very hyper-local that the need to say they were hyper-local - the need for the mention of the "buzz of hyper-local" - didn't even enter into the news release - or likely even into the minds of Google!
The Zagat’s deployed a systematic and consistent approach way before hyper-local was even known or understood. The rating effort they created surpassed even those that came before them at Mobile and AAA - and oh yes, even Yelp - and surpassed their collective ability to gather and authenticate meaningful opinions and ratings for restaurants, airlines and essentially anything.
Oh for the value of a validating Zagat sticker on the door, in a book and a good old fashioned plaque on the wall. Just in case of course, you forgot to check your smart phone.
The Zagat’s are now in their early 70”s and they created something so attractive to 30’s something Larry Page and Sergey Brin that they paid $100 to 200MM for it.
Sometimes doing things the old fashioned way even has promise and reward. In a day and age of everything quick, fast and everything simply electronically mystical – this story is in so many ways - so refreshing.
Good for you Mr. and Mrs. Zagat! Go directly to the bank, cause you have way passed Go.
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