The Buzz Around So-Lo-Mo ( Social, Local & Mobile ) With sites like Foursquare, Gowalla, Loopt, Facebook Places and Yelp growing in popularity, people are connecting, sharing, interacting, meeting up and recommending places based on their location. For this reason, many businesses are starting to incorporate location-based marketing techniques in their strategy.
According to eMarketer, location-based ad revenues worldwide will reach $6.2 billion by 2015, consuming 35% of total mobile ad revenues. This is a considerable increase over 5 years (from the $588 million spent in 2010) as you can see from the chart on the right. With this in mind, perhaps now is a good time for your company to take a look at location-based marketing and see how it can fit with your overall strategy.
The term “SO-LO-MO ” is popping up in our vocabulary, but what does it mean? It’s the convergence of social media, local search and mobile marketing as a method of creating personal engagement with customers. When done correctly, “SO-LO-MO ” can help your company reach the right person, in the right place, at the right time. The idea of “checking in” has become the next big thing in social media. People are now sharing their whereabouts with the world. But why? What are some things that would motivate people (specifically your customers) to check in to your business? Here are some reasons:
- Fun and games –Many “check in” programs are actually games that allow participants to earn virtual points, and people take part in them just for the fun of it.
- Connecting with friends –A lot of “check in” applications allow your friends and connections to see your activity; often times the idea is to facilitate face-to-face encounters with your friends.
- Recommending places they like –People also like to recommend and promote the places they like. Endorsing a good place and sharing opinions is another reason people “check in”.
- Freebies and discounts –If not for the games or the ability to connect with friends and share feedback, people will “check in” to receive free offers and special discounts. This is a sure-fire way to encourage your customers to tell the world where they are.