Solo Ka or SoLoMo?
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The document discusses SoLoMo, which refers to combining social media platforms, physical location, and mobile devices. SoLoMo emerged due to smartphones' growing popularity and allows businesses to target prospects based on location. It is important because smartphones are ubiquitous and most people now search for businesses and user reviews online from their phones. For businesses to take advantage of SoLoMo, they should optimize their presence on social media platforms and location services for mobile. The document predicts that SoLoMo will continue growing rapidly as a form of e-commerce influenced by mobile.
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Solo Ka or SoLoMo?
- 1. SOLO KA OR SOLOMO? According to Cory Janssen of techopedia: “SoLoMo, short for social-local-mobile, refers to a more mobile-centric version of the addition of local entries to search engine results.”
- 2. CONCEPTS OF SOLOMO? SoLoMo = SOcial media platforms + physical LOcation + MObile device. It emerged due to the growing popularity of smartphones. Opportunity for micro-target prospects. Large and untapped market in local search. It is a system, or a package.
- 3. IMPORTANCE OF SOLOMO Smartphones are anywhere and everywhere. 97% search businesses online, 72% trust online reviews, 61% base going out on social media, 78% of local businesses get revenue through social media. 73% search for discounts, and 59% have availed of it. “If you can’t beat them, join them”
- 4. HOW TO SOLOMO? Let your presence be felt in social media. Facebook, Instagram, Twitter Look for location services. Foursquare Optimize your presence for mobile devices. Google AdWords
- 5. WHAT ARE THE IMPLICATIONS/EFFECTS DOES IT BRING/GIVE TO E-COMMERCE? Advertising Discount Customer testimonies Customer images Offline to Online experience Online sharing Online postings In-store experience
- 6. WHAT ARE THE IMPLICATIONS/EFFECTS DOES IT BRING/GIVE TO E-COMMERCE? Examples: Starbucks App Tweet-a-coffee Ben and Jerry’s Fan’s Instagram photos
- 7. HOW DO YOU SEE THIS TREND IN THE NEXT 2 YEARS? 60% of SMEs participate in social media. $500M in 2012; $1.5B in 2016 Annual compounded growth rate of 28% Shift of interest to mobile media By 2016, $689B would be influenced by mobile retail.
- 8. HOW DO YOU SEE THIS TREND IN THE NEXT 2 YEARS? SoLoMo is one of the fastest growing forms of e-commerce. It has overtaken traditional advertisements. It would become big money in the future. Mobile platforms will soon overgrow the traditional platforms of advertising.
Editor's Notes
- http://www.forbes.com/sites/capitalonespark/2013/04/16/your-business-needs-to-get-social-local-and-mobile-fast/http://www.techopedia.com/definition/28492/solomohttp://socialmediatoday.com/jacey-gulden/1429651/solomo-what-and-whyhttp://www.timpeter.com/blog/2012/11/16/solomo-in-practice-small-business-e-commerce-link-digest/http://www.websitemagazine.com/content/blogs/ecommerce/archive/2013/11/01/starbucks-serves-solomo-extra-hot.aspxhttp://modernservantleader.com/technology/think-solomo-or-socolomo-social-commerce-local-mobile-for-digital-success/http://www.entrepreneur.com/article/226408
- What is SoLoMo?-SoLoMo is the integration of your social media platform and physical location with your mobile device.-Solomo emerged due to the growing popularity of smart phones and tablets that integrate geo-location capabilities or otherwise known as GPS. GPS provides more accurate results compared to the IP mapping technologies of PCs used at home or essentially anywhere.-It is an opportunity for micro-target prospects as it helps them identify themselves with consumers and potential clients. -Big search engines recognize that there is a large untouched area for local search. Due to the number of family owned, small medium enterprise, the area covered by the national and multinational companies are insufficient to provide accurate and “error-free” results. When search engines incorporated local results in the results, they proved the real size of the internet local market. -Solomo is a system or a package, using one or two of its components won’t be as useful as using this magic combo.
- Why is Solomo important?-It is important as majority of consumers carry with them technology, technology of smartphones and base there purchase on what they see online. As a recent research by the company Eventility show, 97% of people search local businesses online, 72% of people trust online reviews, 61% of young people refer to their social media to know where to go and when to go, and 78% of local businesses get at least a quarter of their revenue through social media.-73% of people have gone online to search for promos, discounts and coupons, and 59% have gone to stores to avail of these special discounts.-To reach these techno-savvy people, you must be online like them. You must be Solomo like them to reach to them and urge them to buy from you. You must be active in social media and build promotional campaigns thereafter.
- How to Solomo?-Be active and promote yourself in social networking sites, and target your audience. Share your content to be able to promote, and amplify your brand. Doing social networking builds relationships with new customers and strengthen relationships with existing clients.-Invest on location services such as Foursquare and build a presence there and have promotional campaigns.-Invest on mobile. This might be expensive but all the money and revenue would be coming from here.
- Advertising.One of the effects of Solomo to ecommerce is advertising. With advertising, business owners may be able to attract more customers via several ways, such as offering discounts found online or by simply checking into location services such as Foursquare. It also helps the businesses to advertise when customer share their testimonies and product reviews online. Favorable reviews are very welcome, and criticisms must come as constructive to the business.Offline to online experienceWhen product catalogues and pricelists are not available for lookup online, people who have shared experiences and product reviews might be able to help other people determining what they want to buy through their earlier purchase and online sharing. These people would be able to share when they take a photo of a store and post it online, they might not know it, but they are actually doing an advertisement for the business, and it helps them. It also gives people the idea of the experience they had inside the store, and they would be able to transmit it online through their sharing.
- Examples:1. Starbucks has launched an app in which it might work as a payment processor, loyalty program, message center, eGifting and more. It also allows coffee lovers to locate the nearest store and it allows the to tweet-a-coffee, in which it completes the Solomo triad. Tweet-a-coffee is a program in which people might be able to send coffees to other people and also promote the brand, giving it advertising.2. Ben and Jerry’s has launched a program in which they would be running customers’ IG photos in local ads, allowing them to earn more due to the want of people for their photos to be used. Also this is a free photo shoot for them. it is a win-win situation.
- How do you see this trend in the next 2 years? Currently, over 60% of small medium enterprises participate in some king of social media today.According to the advisory firm BIA/Kelsey, the revenue from social media ad will rise from 500 million in 2012 to 1.5 billion in 2016, with an annual growth rate of 28%.There is currently a shift of interest from traditional ad media to social media and then to mobile media, which is far more complicated that the latter two.