YOLO. Swag. Totes. Although Generation Y has a great deal to answer for when it comes to questionable additions to the lexicon, it’s worth remembering that the business world also has its fair share of linguistic aberrations.
Terms such as ‘helicopter view’ and ‘eat your own dog food’ do little to help improve your business. Often, they describe quite obvious things, such as testing your products and having a proper strategy, that you should be doing anyway.
Each year seems to usher in new buzz terms, such as 2012’s obsession with ‘big data.’ While many are vapid, some actually describe significant trends that you should be across.
Here are five buzz phrases that you will probably be hearing a great deal about in 2013:
An amalgamation of the words social, local and mobile, SoLoMo is a term gaining traction among marketing experts tracking consumer behaviour.
The concept looks to tap into the increasing use of mobile phones by adding local information to search engine results. Therefore, people searching for a product or service you provide will be attracted to you due to your location.
This can be taken a step further by pushing offers to mobile phone users based on their location. Either way, it’s increasingly important that your business is optimised for local search by giving clear information about your location and offering a ‘click to call’ option so customers can easily get in touch.
Interestingly, actual sales conversions via smartphones are still very low – around 1% on iPhones and a tad over that for Android-enabled devices.
People are far more likely to use their phones to find out location and product details before going in-store to fulfil the purchase. Therefore, SoLoMo.
An “acqui-hire” is when a company buys a start-up to obtain the start-up’s team. It’s easier than owning or developing its products or technology.
It’s now becoming a trend. Acqui-hires in recent times include Facebook’s acquisition of Instagram and Twitter’s acquisition of blogging platform Posterous.
A US start-up called Twice pushed the trend to new levels last year by offering $1 million to acquire any “well-qualified” technical and design-savvy entrepreneurs who have failed with their own ventures.
It’s a tough choice. There is the prospect of money and rewards for all that hard work and creativity.
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On the other hand, you are losing control. The company’s founder is losing their baby. And when a company has been taken over, certain roles may no longer be tenable.
All in all, it’s not a terrible position to be in. Your skills and business savvy have been recognised by a bigger player and you have the chance to cash in your chips.
But not everyone takes the money and runs. Queensland games developer Halfbrick, creator of Fruit Ninja, has been approached many times by overseas and local companies.
It’s not interested in becoming part of a bigger company. It has knocked back every offer because it does not want to lose that creative drive.
Halfbrick executive producer Ben Vale says the company would be suspicious of any predator that told them they could keep their entrepreneurial drive. The money, he says, is less important than the creativity.
“I don’t think there would be anyone wanting to acquire without having some control over the creativity,” Vale says.
“We are trying to keep that creative control to make sure our products are as good as they can be.”
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