Discover what social currency is and best ways to use it in your marketing for better results.
Every brand wants their marketing efforts to increase brand awareness, increase customer engagement, and increase sales. But in a competitive, digital world where it’s hard to stand out in the social media crowd, that can be tough.
One strategy that can help is social currency. It is similar to word-of-mouth marketing and looks at the value you offer your customers. But what is social currency and how can you use it for marketing?
Here’s what we’re going on
What is social currency?
In simple terms, social currency or influence currency is information shared by people as they go about their daily lives. It can be offline or online, as in social media. It is based on the idea that what people say affects their social impact.
For example, if someone mentions something boring, people don’t want to share that information because they don’t want to appear boring. However, unique and intriguing reviews are spreading like wildfire. So they have the potential to increase people’s influence. Therefore, this knowledge has social validity.
In marketing, people discussing your products or services are crucial to spreading awareness about your brand and increasing customer conversions. Showing customers that your products or services have social currency will drive them to spend time sharing your business online, just like word-of-mouth marketing.
This means that your marketing strategies must have social currency to engage your target customers, increase your brand equity and grow your business.
Benefits of using social currency
By investing in social currency, you open up to various benefits that help you market your brand and increase your business in the long run. The main benefits are:
- Improved customer understanding
- Increased brand awareness
- More social impact
- Better organic growth
- Increased customer retention and loyalty
- Better quality leads
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How to leverage social currency for marketing?
Building a community is an effective way to earn social money among your customers. People want to be part of a community. With a growing array of niche websites, Facebook groups, and forums, you can easily humanize your brand and strengthen your customer relationships to aid your social money strategy.
For example, Facebook groups for mobile phone manufacturers give companies an impact by easily sharing new products, features, and announcements. Providing interactive posts for social media can help increase content engagement, which in turn helps social currency.
Additionally, it provides a place for your customer base to share their views, thoughts and experiences about your brand with potential customers. This information can be crucial for providing insights into CRM sales tools.
In addition to increasing brand awareness and building a sense of community, it allows you to improve your existing marketing strategies by learning about your customer’s trouble spots. For example, by researching feedback, you can provide your customers with a unique reason to buy and a unique offer. You can use your community to increase your influence, build trust with your customer base, and increase customer retention.
Connect with influencers and brand ambassadors
Influencers and brand ambassadors have a social currency that eclipses most companies. With millions of followers across several social channels, they are reliable and respected voices.
That’s why finding relevant influencers, ambassadors, and social channels for your brand is crucial to developing your social money strategies.
Influencers only promote brands or products they love and provide value to their followers because authenticity is vital. After all, they do not want to lose their social influence.
Using social media influencer marketing and brand ambassador programs, you can attract authentic influencers and borrow social currencies to increase your reach and build credibility for new audiences.
Additionally, you may want to set up affiliate marketing, such as affiliate programs, to encourage bloggers, influencers, and existing customers to promote your brand more often. It can increase brand awareness, credibility and accelerate business growth. We recommend using the best affiliate marketing software to track sales and manage your affiliate marketing campaigns.
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Take advantage of your unique selling point
Your unique selling point (USP) is critical to your marketing strategy. It makes you stand out and makes you different from your competitors.
For example, you can have better returns management than your competitors by offering a range of automated options to your customers.
In addition to being an effective sales tactic, leveraging your USP in your marketing efforts encourages social sharing in your niche and promotes you to your target customers. As more people talk about the unique aspects of your product and business, you increase your social currency and sales.
Create engaging social content
Social currency is the idea that people want to share a piece of content that makes them appear influential. That’s why creating engaging content is crucial to building your social currency.
Instead of dry facts about your business or products, produce infographics, explainer videos, funny posts, interactive content, game elements and creative social media content to increase your chances of going viral and reduce your bounce rate. Make your content valuable to target customers and use popular trends that appeal to them. This will help improve engagement metrics and should be an essential part of your content marketing strategy.
For example, if your customers are likely to spend their social lives on TikTok, creating and maintaining a live, trending TikTok account will increase sharing, conversions, and your social currency.
While you want to keep your brand’s tone of voice, don’t be afraid to let your employees add their personality and quirks to your social media posts. Be sure to measure content engagement and see what works best for the social currency.
Encourage employee advocacy
Your employees probably have a social life, regularly posting on social media about their day or your products.
Encourage your employees to post more often. Providing them with an employee advocacy program and content or templates can help strengthen your marketing strategy. In addition to building their networks, you can reach brand new networks and many more customers to promote new products and discounts.
Take Starbucks as an example of a successful employee advocacy program. . Baristas often share positive posts and content such as stories from their workday, behind-the-scenes pictures, or newly available drinks. This is an important factor of social media marketing.
Posts show happy employees, interesting information, and unique insights into work environments customers don’t usually see. Free marketing for Starbucks creating social currency.
For example, you might have employees sharing a post about your supply chains and how to reduce supply chain disruptions to get products to customers.
You can create an advocacy program to encourage your employees to post positively about your brand, and leverage incentives to encourage your employees to post more often to meet their business goals. Share employee advocacy best practices, highlight great posts, and help your employees feel like they have a great company culture.
Image source: Sprout Social
Use game mechanics
Using game mechanics to provide customers with contests is a fun and engaging way to get your customers to share content.
For example, product giveaways on Instagram often ask attendees to like the posts and share them with their friends or on their stories. A gamified experience encourages customers to share information about a product and can receive hundreds of thousands of views.
Similarly, you can use gamification to ask customers to complete challenges or tests and post their results on social media, link to your brand, or add a specific hashtag.
These methods are advertisements in disguise. But gamification works because the content is more immersive than traditional formats. Therefore, it has more social currency. Using contests and challenges is a fun way to get people to learn about your brand and products.
You can optimize your methods by measuring your brand awareness and changing your strategy accordingly.
Use scarcity and create privilege
People love to brag. It’s information they like to share, whether it’s information about a special offer, a limited pair of trainers, or a secret menu item available only to them. It gives them importance, social capital and influence. It’s all about user experience and their perception of your brand’s exclusivity.
This means that using scarcity and privilege can help your social money strategy and attract more people to your business. There are several ways to do this:
- Members-only or loyalty programs with special benefits such as early access or discounts
- Personalized emails with special behind-the-scenes content for subscribers
- Limited edition products available to subscribers first
Creating scarcity and privilege will depend on your business model. There are even different loyalty programs to choose from. But in doing so, you drive customers to recommend their benefits to their friends, promote your services, and drive the growth of your business.
show your appreciation
Showing appreciation is always, well, appreciated. Employees and influencers like to shout, and showing them appreciation for their work ethic or performance can get you a lot of social shares.
Image Source: Yotpo
Similarly, showing appreciation to customers can boost your exclusivity marketing and add to your social currency. For example, inviting clients for behind-the-scenes tours or using them in your marketing campaigns shows them how grateful you are and is a strategy to stand out from the crowd.
Additionally, you can use video conferencing like free video calling to have regular live broadcasts with valuable employees and customers. It humanizes your brand, gets people talking and is vital to healthy social capital.
Rely on social currency to increase your marketing
Social currency seeks ways to provide valuable, shareable information to your target customers, employees, and influencers. It makes people in their networks want to tell about your brand as it increases their influence.
This is a different way of looking at how you interact and run your marketing efforts. An important aspect of a successful social money strategy lies in providing a unique, relevant and human touch.
While the methods of creating social currency are familiar, the app focuses on providing engaging and entertaining content to your customers and employees. It motivates them to share your brand, increase awareness, credibility and customer conversions.
Think about your current marketing strategies and look for ways to add to your social capital. With this, you can expand your marketing reach, accelerate business growth and increase your social impact.