Monetizing Social Media
May 31, 2012 | By Dan Opallo
As marketers, we’re suckers for a new buzzword – but I’m not quite sure how I feel about SoLoMo yet. I picked it up a couple of weeks ago at the Mobile Media Upfront Conference in NYC, and I couldn’t wait to begin throwing it around. Judging by some of the looks I’ve gotten so far though….. I don’t know.
If you haven’t heard it used yet, SoLoMo takes the incredibly difficult to say combination of words Social, Local, and Mobile and mashes ‘em up (industry term).
The takeaway for me though is that those 3 spaces (Social, Local, and Mobile) are on a collision course, and we need to be ready. While the importance of marketing effectively (and in an integrated fashion in each) is well documented, what has been assumed thus far is that we have been speaking to different customers. To oversimplify it: "The Parents" and "the Kids."
Parents are the most coveted customers right now in 2 of the 3 SoLoMo categories. 64% of parents use Social Media to research Local businesses, and of those, 45% are likely to refer an offer that they found within 10 miles of their home via their personal social network.
That brings us to Mobile, and our monkey wrench. It seems that, to nobody’s surprise, teens are still the most coveted target for Mobile advertisers. So what will it take to bring SoLoMo together? … Probably time.
History tells us that the "parents" demographic will fully adopt mobile the same way they did Social (remember that first friend request from your mom?). But one tactic that may accelerate this waiting period is Location-Based Social platforms/Credit Card integrations.
AmEx and Foursquare have completely automated the awkward experience of having to show your waiter that you have “Checked In” at this fine restaurant and are thus entitled to a $5 appetizer, which then results in you having to explain to him/her what Foursquare is and ultimately respond to their blank stares with “forget about it.
Now, with this new Amex/Foursquare automation, you can simply:
1) Link your accounts,
2) Check In and redeem your local business offer
3) Have your rebate/reward applied directly to your Amex account
If this all sounds a little Minority Report-ish to you….. it should! But embrace it. What could be better than walking down the street and receiving a message that the store you are about to pass has similar shoes to a pair you bought 3 months ago, in your size and in stock, and if you Check In RIGHT NOW you can have $5 applied to your credit card balance right at purchase? OK, maybe a few things, but if you had trouble understanding what SoLoMo meant, you shouldn’t anymore.