SoLoMoNoCo makes SoLoMo count
SoLoMo. A quick Google search tells you everyone’s talking about it. Singapore’s ready to get more involved. But what is it?
It may sound like the next hip New York neighborhood, but SoLoMo is far bigger than that. Coined by venture capitalist, John Doerr, it represents the fusion of the social, local and mobile marketing spaces.
Social media has shifted brand power to consumers.
Thanks to applications such as Gowaller, SCVNGR and Foursquare, people can be active and socially connected whenever and wherever they are. They can relay news, opinions, and experiences, however good or bad, to a network of thousands before you’ll even finish reading this article. This has effectively shifted brand power away from marketers and over to consumers.
Marketers have been quick to adapt. With people now increasingly checking-in to spaces via their mobile devices, declaring their experiences, savvy marketers are tapping into mobile and adapting their marketing strategies to engage with consumers where and when Singaporeans choose to access content.
But, as important as SoLoMo is, even savvier marketers will not ignore the fact that any activity needs to deliver results and drive the brand’s bottom line.
Coined by Mark Cripps, Regional Director APAC MRM earlier this year, SoLoMoNoCo may be a bit of a mouthful, but no marketer should ignore the two crucial additions.
‘No’ refers ensuring the activity is measurable through numbers or data and ‘Co’ to the influence/impact towards consumer spending, be that m-commerce, e-commerce or in a retail environment.
Recent research from Nielsen predicts that the rising popularity of smartphones and usage of mobile apps will grow in tandem.
So how will it impact Singapore?
Singapore has an excellent telecommunication infrastructure with access to free WiFi across much of the island.
In 2011, 51% of online consumers had used mobile internet in the past 30 days, with more than a third accessing the internet at least once a day. One-in-three online consumers in Singapore said they’d downloaded an app in the past 30 days.
Singapore also has a hi-volume of inbound tourism who, together with the local smartphone aficionados, are active in the SoLoMo scene and ready to engage with brands. This opens a huge opportunity for marketers promoting Singapore as the mecca of shopping, attractions and entertainment.
By using SoLoMo, brands can become more contextually and even physically (via GPS location) relevant to their audiences.
We also cannot ignore the impact of the continuing ripples of economic uncertainty from the rest of the world. Budgets will continue to be scrutinized and it is more important than ever for Singaporean marketers to demonstrate that investment in marketing solutions delivers real results for the business.
So, the question is not so much ‘are you in the SoLoMo scene?, but rather, ‘can you demonstrate that SoLoMo is benefiting my business?’.
Marketers, are you SoLoMoNoCo ready?
Nikolaus Ong, Digital Strategist Asia Pacific, MRM Worldwide