What does it take to run a successful business? In this digital age, understanding new trends in technology is very important.
In recent years, there's a new buzz word in digital marketing circles: SoLoMo. It's an acronym for "social, location, and mobile". This nifty little word was created in 2011 by American venture capitalist John Doerr. He believes that technology is key to how business works.
When the IT world makes a leap forward, such changes are called "disruptive technologies". This is when a new technology replaces an old one and changes how a market works.
The first wave of this was the personal computer, which made businesses more efficient. The second wave was the internet, which let people open businesses without a physical shop.
So how is SoLoMo impacting on businesses right now? Fierce competition means companies need to make their products stand out and better fit their customers' needs.
How can "social" help this? Well, through websites such as Facebook, companies can recommend products or services that our friends have purchased.
For "location" and "mobile", businesses can use their own locations and their customers' locations and mobile devices to focus their marketing. For example, they can send an SMS about a sale when they know a potential customer is nearby.
New technologies can also make targeted marketing campaigns inside shopping malls more accurate.
SoLoMo can also make products and services seem more attractive. For example, you are probably more likely to buy a product if it is recommended by your friends.
Similarly, if you know a pair of trainers is on sale nearby, you are more likely to buy them than purchasing a similar shoe being sold further away.
Keeping SoLoMo in mind when designing new products and services is only the first step to success.
The second is all about data. Crunching the numbers from social media, mobile devices and other channels - both offline and online - helps businesses see how things are going.
More importantly, it tells them where they need to be headed if they are to offer you the best deals.
How is SoLoMo changing the way businesses operate?
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