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Social Currency POV

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Background

Social currency is the value of an exchange of information. It increases sense of community, grants access to information and knowledge, shapes identity, and synthesizes status and recognition.

Social currency delivers content of the following values:

1.Entertainment2.Personal3.Useful4.Information5.Monetary

“A funny joke, a stock tip, a funny viral video, or juicy gossip, i.e., "I know something you

don't know" - it makes someone look good in a social context and buys

respect and admiration.” – socialmediaplayground.com

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Objectives

• Fortifies brand equity

• Increases brand awareness

• Augments share of voice

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Forms of Social Currency

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Entertainment

Businesses can offer social currency in the form of branded games, catchy songs or even a hard laugh. It’s

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Personal Value

Social Currency often comes by way and means of fame, status or recognition. Brands can offer social currency of personal value by offering content, rewards, benefits, and opportunities exclusive to its VIPs.

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Utility

Useful social currency often comes in the form of branded utilities such as mobile applications. Its functionality and sharing capabilities make for a mutually beneficial exchange of information between the brand and consumer and between the consumer and their friends.

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Information

Information in the form of knowledge and thought leadership, can be produced in various formats such as video interviews, SlideShare presentations and blog posts. Brands can use this form of social currency to educate or help their customers.

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Monetary Value

Monetary values of social currency are the digital equivalent of the conventional sales promotion or PR activity. So it could be a free taco from Taco Bell or a Foursquare deal or partnership badge.

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Implementation

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How to use it

• Activate fans and ambassadors with social currency by giving them a goal or a project to complete.

• Incentivize participation with social currency by offering fans something that exclusively marks the moment, achievement, or occasion.

• Mobilize influencers and advocates to generate social currency on behalf of a brand by offering them exclusive access to information and resources and by recognizing them publicly.

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Where it fits

• Events: Brands often struggle with the closing the gap between intent and action. Events present the opportunity to reward physical participation with social currency- a mutually beneficial value to both the brand and consumer.

• Product Education: Brands often need to educate consumers about new, underrated, complex or changed products. Product demonstrations and Live Q&A video can be used as social currency to inform the misinformed or uninformed.

• New audiences: Brands can find establishing credibility among new audiences difficult to do. Social currency of any value can be used to introduce new products, campaigns or promotions and establish brand equity with a foreign demographic.

• Crisis Management: Social currency in the value of information can be used to respond to crisis situations with valuable information and “news you can use”.