Social currencies for new Marketing Purposes in 2021

Benefits of Social currencies for Marketing Purposes:

Social currencies are very important to marketing success. What does this mean for you as a brand? The average consumer doesn’t trust brands, but trusts friends, family, and sometimes even strangers on the internet.

In the past, marketing success was just about the money a brand could pay to advertise on radio, television, and in magazines. If you could afford a big advertising campaign, it would be hard to make a good profit.

Today, digital devices and social media have fundamentally changed the way brands interact with potential customers.

One of the most powerful changes is the rise of social currencies. Word of mouth and social currency is a way to use people’s interaction on social media to grow your brand. By some estimates, word of mouth generates $6 billion in spending a year.

What is the social currency?

Before we get started, let’s talk about social currencies and how you can use them to build your brand online. Grupo Vivaldi, a global strategy company, defines it as follows:

Social currency is the extent to which people share brand names or brand information as part of their daily social life at work or at home.

More simply, social currency is a measure of how people talk about a brand organically in everyday conversation. For example, think about the last time you ate well. Did you tell people about it? Share on Facebook? Tell your best friend? This is the social currency.

But why should organizations care about social currency? According to the survey above, word of mouth leads to five times more sales than a paid media impression, and people are more likely to trust a friend’s recommended brand purchase.

For brands, this kind of authentic interaction is invaluable.

The importance of social currency

Social currency and branding offer many benefits. Some of the top reasons you should invest in social currencies are:

1. More brand awareness

2. More website traffic

3. Other indications

4. More sales

5. Shorter sales processes

6. More brand loyalty

7. More confidence in your brand

8. Better customer loyalty

For example, if your employees share your content, products, or service offerings, you can reach many more people than the company itself. In short, these are some of the key benefits of social currency that all businesses are trying to achieve.

How to increase social currency?

We’ve already talked about how employees can help build a brand’s social currency, but social currency also helps build brand equity.

However, there is a problem; social currency is intrinsically authentic. Social currencies evolve through everyday experiences: a surprisingly good cup of coffee, an incredibly thin wallet, a great customer service experience.

However, relying on authentic interactions doesn’t mean marketers can do anything to promote social currency. It is important to include the ambassador in the company’s core values.

The following strategies will help your brand leverage social currencies in marketing and manage a successful employee advocacy program.

1. Promote conversations

Stop talking to your customers and employees. Rather, it creates conversations. Ask questions, ask questions, and also participate in daily industry discussions.

These examples of brands using benevolent jokes on Twitter are excellent examples of brands that create opportunities for social currency.

To have conversations within your business, you need to be ready to continually improve your internal communication strategy. Many organizations are not yet aware that they have brand ambassadors in their organization. To encourage their involvement in social sales, organizations need to promote open, transparent, and honest communication in the workplace.

2. Create a sense of community

As our world becomes more digital, people want a sense of community. By building this community around your brand, you can satisfy the innate desire by increasing the social currency of your brand.

Some of the best strategies for building these communities include:

• Encourage two-way communication

• Be generous

• Collect answers and respond to them

• Listen to your audience

Successful community development is strongly influenced by employee participation. Make sure that the culture of your business is supportive, that it promotes innovation and knowledge sharing.

3. Promote advocacy

Improving the marketing strategy through advocacy for employees is one of the primary goals of any marketing department. An attorney is someone who promotes your trademark authentically, usually for free.

Advocacy can share a referral code for a great new product you’ve tried. Advocacy can also be yours if your neighbor suggests you a great Thai restaurant near your local Facebook group.

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