Well I don't mean local seo which the term could means other thing in seo world. I mean finding gems and optimize seo locally either B2B or B2C. Well, in my country a lots of things has been customized and been turned into an established business. And I believed it's one of the effective way to implement seo, as many of google publishers don't merely hunt for high cpc kw and monthly searches in US. Instead they create their own product and provide value to CERTAIN group of people. Lately a room portal which allow user to post room rental sold its share for 4.5 million. The success of the room portal depend a lots on seo, and the business model is hell simple - adsense. It's because the founder, know hw to optimize to dominate the local traffic. Everyday, user generated content became his long tail BLs! He saw the opportunity early, now he's undefeatable! International company hardly to steal ur cheese, jst that u need to find some opportunity in your area to explorer what can be done in your area. another example in my country is a recipe site. because our food isn't the same as oversea so even international giant recipe site yet (I believed they cant) to dominate everyday locality.