Do You Have Social Currency?
CultureSparq.com | We Build The Culture
Let’s level set. What is Social Currency?
Social currency is the ability of brands to fit into how consumers manage their social lives in today's digital and mobile age. Social currency (or social capital) applies to the relationship between your business and consumers.
Brands get built through experiences, through people accepting them and making them part of the fabric of their lives. This process of building strong brands is very personal and also very social. Today, one of the most important strengths of a brand is its social currency, the extent to which people share the brand or information about the brand with others as part of their everyday social lives.
Social currency strategies are arguably the most critical point of leverage for a marketer and is giving their brands a boost in revenues. From health care to fashion, growing number of companies have come to embrace the concept of “social currency,” allowing consumers to pay via tweet and other social media posts.
Companies that are cultivating an exceptional portfolio of brands like @Inditex and @LVMH will need to have a social currency strategy so they can discover new high-paying customers that feel connected to their company values and mission.
To achieve and maintain a leadership position, partnering with CultureSparq is beneficial because we help companies nurture and preserve their brand’s distinctive identity and purpose. At the same time, we leverage our global experiences, creative resources and operational expertise that is tailored to fit a brand uniqueness.
If you haven’t dominated your digital presence already - your brand need to build and nurture social currency.
Here’s 3 quick areas to get you started with your Social Currency strategy.
SHARE
Establish a way to which people share the brand as part of their everyday social lives. For example: Create your brands' own channel and upload videos relevant to your business. Utilize influencers to open your content to a much broader (but well-targeted) audience. Or create videos to showcase your business behind the scenes or in-the-moment content - for example: marketing can show how your items are made from concept-to-cash in a interactive way by going live on IG or where your customers are.
UNBOXING
Creating the Perfect Unboxing Experience. Use branded boxes that are uniquely designed and manufactured. Plus, to create a successful unboxing experience, the box can't simply be an ordinary box. Use unique packing material. Think about product presentation. Consider giving a free sample or reward for being a loyal customer. Add a touch of personalization. Include important inserts that give insights and opportunities for the customer to consider right away .
CREATE CHANNELS WITH COMMUNITIES
Test new marketing channels by creating community-building opportunities so your brand becomes an integral part of your customer daily lives by enabling them to connect, interact, and benefit from your brand at all points of the customer journey. You can achieve this by creating pop-up Digital Stores or Boutiques within those channels and personalized them based on that community profile and mission. You can even make communities a popular destination because people can experience a personalized and cool interaction with your products because it meets their community charter from being able to make fun videos with products giveaways to help them achieve a social impact.
REMEMBER
Social currency is your influence on social networks, online and offline communities, and the degree by which your business is shared by others. It’s not just about conversation, buzz, or community. It is all this and much more.
Are you doing anything that stands out from the competition? Do people look to you for a specific product or service? If so, you have social currency.
If not, SCHEDULE some time with us to learn how we can help create and execute your e-commerce strategies.