M for Mobile recently surveyed over 350 top-level executives from different corners of the location industry to get a read on where the LBS industry is headed. The study bodes well for Chief Location officers, and for those companies currently on the Locaid Location-as-a-Service platform. Read on to learn about the survey's compelling results. Question 1: Where do you see the most growth in location-based services?
The results show that the majority of growth in LBS lies in advertising. Dollars spent on location-based advertising are growing year over year, and the market is expected to soon reach into the billions. With tech industry giants such as Facebook planning to release location based ads, the monetization of LBA will clearly soon be fully implemented.
Have you or our tech buddies been throwing around the new term "SoLoMo"? This has become a regular adjective in today's consumer mobile world and stands for social, local, mobile. It serves to highlight that any modern consumer-friendly technology must incorporate a social, local, and mobile aspect in their product to attract and retain users. With location being one third of the equation for consumer tech success, LBS for social media will be a hotzone of development and use in the near future.
Navigation came in at a close third in this survey, proving that it is still an important area of growth, but has lost some traction over the past few years. People Finding ranked fourth in the survey and shows that despite privacy concerns, users are expected to continue to publicly share their location with others.
Question 2: How much would you agree that the potential of Location Based Marketing has not been realized by businesses?
The majority of location industry executives agree (48%) or strongly agree (38%) that the potential of LBS has yet to be realized by businesses. While some businesses have capitalized on the rich and engaging experience that LBS provide, many have not yet embraced the breadth and opportunities that lie in LBS. This is great news for those in the location industry, and emphasizes the need to educate businesses about the potential of LBS.
Question 3: Which of these channels are the best for location-based social networking and contextual advertising?
Facebook is seen as the best channel for the integration of LBS with social media and advertising. Facebook is the number one social media site in the world with over 900 million users, and they are working on releasing a location-based mobile advertising product that adheres to the SoLoMo guidelines and may change the game of mobile advertising.
Google+ is the sleeper in this survey, as they already have 250 million users after just one year. They are already active in the LBS scene, however, with users sharing location-based reviews via their network.
Twitter established itself on geo space last month with the release of "targeted tweets". Similar to promoted tweets, targeted tweets are ads that can be sent to users based on their location, mobile device, or platform. Pinterest has yet to enable a location on its site, but there are rumors of a "pin your location" feature coming soon.
Respondents who chose ‘other’ felt that either a new social site that combined the aspects of all of the above was needed or voted for a niche social site, suggesting that there is still room for smaller social sites to compete with top contenders.