SoLoMo: An Effective Way to Increase Retail Revenue
Do you know about SoLoMo? If you’re a retailer of any size and SoLoMo isn’t part of your marketing strategy, you’re missing out on some big opportunities to increase revenue.
SoLoMo represents the convergence in social, local, and mobile media, especially in the context of smartphones, tablets, or other mobile computing devices. SoLoMo applications allow advertisers to push notifications to potential customers who are geographically nearby. A prime example of SoLoMo is the ability to check in at a physical location through a social media platform on a smartphone. Your customers are social beings and use mobile to promote your retail location before they even walk through the door. Once retailers understand what it is, they can use SoLoMo to help increase revenue. Here’s how:
1. Giving to receive
The Adobe 2013 Mobile Consumer Survey states that 71% of consumers use their mobile device to access social media. This provides retailers with opportunities to “give to receive.” For example, when you offer customers 20% off of their purchase when they present you with a code only offered on a specific social media site, they feel special, which creates loyalty. There are many ways to “give to receive.” Another example using Twitter: Providing a free item when they share or retweet a specific item during a designated day or during a certain time period. Deals like these encourage engagement and sharing of content, which increases your social reach.
2. Your customer has more control now
It's the customer, not the retailer, who decides where, when, and on which platform to shop. By targeting your customers on multiple platforms, you will strengthen your business and create and maintain a relationship with them. For example, by providing a special offer or discount deal on Twitter and Facebook, you will catch the attention of users on one or both platforms. Isn’t it time retailers got in on the opportunity to drastically increase revenue with targeted marketing?
3. Think mobile
From their mobile device, can your customers…
- Browse your catalog or locate an item through barcode scanning?
- View a selected item, seeing all details and images as well as the inventory level and if the item is in stock?
- Find your stores through a store locator and get driving or walking directions to the selected store?
- Create and maintain shopping lists?
- View previous transactions, with an option to search for individual previously purchased items?
Seeking better ways to connect with your customers and providing the SoLoMo experience is a sure way to increase revenue and gain loyal customers.
Looking for more ways to increase revenue through social and mobile media? Contact ArcherPoint – the retail advisor. For more information on retail management topics, read our expert team member’s blogs.