Tweet for Products
For those of you not familiar with Social Currency, it is using a consumers social network in return for your products. Handbag designer Marc Jacobs sold handbags in return for brand advocates. Customers looking to purchase the handbag were asked to tweet to their social media networks about the product.
The more impressions the tweet received the cheaper the bag. Simple and brilliant. So, I ask you, What are you doing to create brand advocates?
Let’s look at some facts. Vivaldi Partners recently did a study on how consumers connect with brands on social media. In the study, they found that,
“...Of the consumers connected to brands on social media, only 43 percent are motivated to share ideas for new products or services. Even less—33 percent— want to engage and connect with other consumers...”
Of that 33 percent, five was the average number of brands followed per user. If that pool didn’t seem small enough, only 44% of those following brands are sharing with friends and family about their favorite brands. It is a very competitive landscape. How can you stand out from your competitors and win the hearts of the sharing elite?
Types of Social Currency
Vivaldi Partners tells us that there are several types of social currency interactions:
- Utility - a brand provides value that the customer enjoys receiving. A standard follower.
- Information - a brand shares information that a user finds useful and important. A Sharer
- Conversation - a brand becomes a part of the digital dialogue. A commenter.
- Advocacy - a brand establishes a strong enough connection for a consumer to defend and share the brand. An Advocate.
- Affiliation - a customer joins a community of others that like a brand. The Cult Follower.
- Identity - the brand has become a core part of a consumers' identity. Brand Superstar.
Improving Your Social Currency
When it comes to social currency, your objective shouldn’t be a sale. Consumers are tired of being blasted with ads and sales in their newsfeed. Instead, the goal is to create a brand advocate. That one customer that tells all of their friends about their favorite brand. Preferably on social media.
Keep in mind when creating content for your brand advocates, most users unfollow or break up with a brand because the information isn’t relevant, unique or interesting. Others leave because the posts become to repetitive or occur to frequently.
Mastering social currency requires brands to provide real world value for likes, shares and comments. Small businesses on Instagram frequently host contests for tagging friends or sharing photos. Freemium games provide in-game rewards for following a brand on Facebook. Marc Jacobs sells handbags for tweets.
Identify the value your business can bring in exchange for social media interactions. Start creating brand advocates that talk, like share and comment about your brand to build a powerful following of customers in the digital landscape. Entice your audience with real world value in exchange for digital action.
Go generate some social currency to establish your brand as an industry leader, Now!