SoLoMo (social, local, and mobile) represents a number of technologies that are employed for marketing and advertising strategies. Broadly speaking, it is the synergy of collaborative and current technologies that help businesses to leverage the use of technology for enhancing their sustained competitive advantage. Consumers in the digital age are shopping for products through the use of social media. They are searching for products locally while using mobile devices to perform such activities. The advances in mobile computing devices has helped in the growth of SoLoMo.
According to recent surveys, 97% of consumers are using the Internet to search for local businesses. Moreover, 72% of consumers express satisfaction at online reviews and 60% of consumers will use social media as a tool for their shopping preferences. The above statistics are fantastic as they demonstrate the growing importance of SoLoMo in the business environment. Successful businesses are now moving rapidly to use SoLoMo for their marketing strategies. As a consequence, businesses have an active presence on social networks and registered on location-based sites. Finally, businesses are launching dynamic promotional campaigns in order to leverage SoLoMo for their long-term business needs.
Developing a SoLoMo Strategy
Businesses can develop a SoLoMo strategy by creating a long-term social media strategy. Social media is a tool that helps businesses to interact with customers and engage them through the use of innovative approaches. The content shared on social media acts as the key to enhancing brands and creating awareness in consumers. Thinking locally is important because affinity and proximity help to drive sales and create awareness among the consumers. Businesses must be able to leverage their key competencies in order to provide localized services to their consumer segments. A mobile-optimized website and mobile apps can be investments that can yield significant benefits for businesses. The mobile users are considered to be the most lucrative segments in the business industry since they are willing to act on advertisements.
SoLoMo is a part of the overall business strategy that can yield significant growth and development. It should not be used in isolation. A multiple integrated marketing and promotional strategy that takes into account various approaches will result in higher levels of success and growth for businesses as they focus on long-term growth. Marketing has now evolved into an integrated and collaborative approach as technology is integrated with local preferences that help to achieve the goals of the organization.
"SoLoMo" is a phrase mobile marketers have been using for a while now, even as traditional marketers are just learning about hyperlocal. Companies that are experimenting with the idea have already experienced positive results, making it a premise to keep in mind when planning your next marketing program. A social/local/mobile technique will help you to add a new level of precision to your campaigns that will reduce wasteful ad spend by reaching the right people at the right time with the right offer, ultimately increasing success.
foursquare hosts a half-million merchants with more than 15 million users worldwide. According to a January 2012 U.S. Digital Consumer Report from Nielsen, 29 percent of smartphone owners use their phone for shopping-related activities. This number is sure to grow as in-store price comparisons grow in popularity, online reviews gain credibility and daily deals continue to offer considerable discounts to consumers.
Brands appreciate when their customers "check in" to their establishment and increase awareness, yet they often brace themselves for subpar social reviews and experiment with how they can interact with vocal and visible customers from a SoLoMo perspective that drives positive endorsements and awareness for their products and services. The exciting news is that some brands are doing a lot more "appreciating" and a lot less "bracing."
By leveraging marketing campaigns that tap into the location of specific customer demographics, companies can be proactive with that information — e.g., present more targeted offers that will drive local brick-and-mortar loyalty, in-store purchases and word-of-mouth within their neighborhood. A national mobile campaign can now increase the revenue of a brand's store in a specific area.
Macy's, for instance, is using this strategy on NBC's Fashion Star. The brand recognizes that its customers constantly have a mobile device within reach, whether they're on their couch watching TV or in-store buying a new pair of jeans. Macy's has fused these actions, enablingFashion Star viewers to shop its mobile website for specific looks seen on the show (or visit their local Macy's to make a purchase).
As a result of Macy's forward-thinking in the mobile marketing space, the retail giant has built an impressive opt-in SMS database of customers. The company has long embraced calls to action in its store aisles, and is now giving consumers the opportunity to engage via calls to action on television.
What's next in the equation? Social. Macy's knows that its customers are accessing social media sites on their mobile device, so the best way to reach them for the Fashion Star promotion is through the same medium. Macy's can promote its Fashion Star looks on its brand page, Twitter feed and elsewhere by saying, "Check out the winning looks from NBC'sFashion Star right here on Facebook, then scoop them up before they're gone! Which ones are on your wish list?" With more than 5 million Facebook fans, Macy's has a huge, valuable pool of consumers that, similar to the mobile campaign, have already opted in to receive updates and promotions from the retailer.
So why aren't brands doing more of this? We've definitely seen an uptick in maturity of SoLoMo campaigns, and while it does take a fair amount of orchestration, it's the most logical balance of interaction with consumers that are ready and willing to interact.
Brands already on social networks have access to fans’ and followers’ personal details, including email address and location. If a brand integrates its social and mobile strategies, and consumers give their blessing, this information can be used to provide very targeted and relevant offers.
There are many ways that a brand's social presence can be extended onto a mobile platform. Consumers who are shopping in-store and visit that brand's Facebook page to look for deals can be offered a number of opportunities for interaction, including the following: