How to Use Social Currency to Deliver on a Superior Customer Experience
March 19, 2015
These days, social currency is touching some nerves in the social media field. Your customers are your biggest assets. So, what really drives them to promote your products and services?
In this article, we’ll discuss with you the definition of social currency, some examples of brands that are already using it, and ultimately, how YOUR brand can leverage social currency in your social media engagement strategy.
What is social currency?
Social currency goes way beyond getting a 10% discount in return for a tweet or Facebook post about a brand to make it stand out in the crowd. Nowadays, when people refer to social currency, they refer to an individual’s online influence and access to influencers.
Four out of five customers are more likely to make a purchase based on social media referrals.
Leveraging social currency has become a popular means to get customers to share a brand or information about a brand with others. Moreover, social media tools make it easy to track and compare social currency (e.g. influencer detection). In the social media business, brands use social currency to assess a brand’s online presence. In order to make social currency a more powerful means to drive brand performance, brands need continuous commitment to address the various dimensions of social currency, and ultimately the level of engagement.
How are brands using social currency?
Back in 2012, Kellogg’s opened a pop-up shop in London where customers could buy a snack bar by simply tweeting about the product to their friends and followers. One of the most obvious examples is Marc Jacobs’ 2014 New York Fashion Week pop-up shop. Customers didn’t have to pay with dollars but instead were asked to use the hashtag #MJDaisyChain across various social media platforms. From food to fashion, a great number of brands are using social currency as an alternative payment method.
How can you make use of social currency to deliver a superior customer experience?
How do you get people to want to share your brand?
- Anyone is a potential brand ambassador, so make it your brand’s mission to make every customer feel special and cared for. Social media has given brands the power to connect with their customers on a one-to-one level. Why not make your customers feel like insiders? Have them test a new product and get them to talk about it. People love to share their opinions!
- Identify something that is remarkable about your brand: you, for example, stand out with the high-quality customer service you provide, or you’re a brand that clearly understands what your customers want. Just make sure you actually provide value to your customers, and add a level of gamification to it to keep your customers engaged.
- Another important thing to take into account is that people like to share content about a brand when it makes them look good. Don’t underestimate the power of social currency in boosting someone’s status.
To deliver superior customer experience through social media, there are no clear rules. However, by adding some creativity and personality (or personalization) to it, social currency can be leveraged for any brand.