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The integration of social media platforms, mobile interactivity and geo-location technology has given rise to a new marketing trend called SoLoMo.
SoLoMo stands for Social-Local/Location-Mobile.
This type of marketing allows marketers to reach the right customers with the right message and at the right time and in the right place.
It has transformed e-commerce methodology of retailers. SoLoMo has become a buzzword in the marketing space and is leveraging the power of social commerce, which gets customers to talk about the products on social forums, read reviews and recommend products and so on. It also provides the customer with the information in real-time based on their interests and location. The information is conveyed through smartphones using platforms such as Foursquare.
Social: With more consumers opting for social networking and online shopping, there are more people who seek advice and read and write reviews about the products on online forums and social networks.
SoLoMo provides a great opportunity to the marketers to tap these potential customers.
Local: With increase in usage of smartphones and location-based service and consumers open to receiving promotional offers on their mobiles, there is a great local marketing opportunity to push offers to customers based on their location and will result in increased acceptance of the brand.
Mobile: With increase in usage of technology gadgets, consumers follow brands using multiple platforms and devices, and this affects their consumer behaviour.
Since they receive a lot of brand-related information they are aware of brands and products before their purchase.
The idea of SoLoMo is impressive but it has to be seen how easy it is to implement it in reality.
Trials Groupon tried to give it a shot. It created a location-based app that notified the consumers about the deals as they walked past a particular merchant, but this did not translate to revenue for Groupon.
Facebook also tried coupon-based deals but was not successful.
Though it will take time for SoLoMo to make its mark in the marketing arena, it will continue to be talked about in the next few years.
It remains a trend to watch out for.
The writer is pursuing his PGDM at International Management Institute, Delhi.
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