How many types of currency do you know about?
Hard currency, electronic currency, and cryptocurrency?
We are here to tell you another type of currency that you might not have heard of.
It’s there for a long time. However, many of us are not aware.
So, we just nod our heads in yes but secretly wonder:
What does it mean?
Not anymore. We’ll clear your doubts right here at this moment.
So, gear up as we walk you through:
Our secret guide to social currency
What is social currency?
Social currency is a value a user gets after associating with a brand and using its products & services.
Let’s understand this with the help of an example:
Why do we use Facebook or Instagram?
Because they connect us with people and help us become popular.
Do you think you would’ve made your Facebook account if it didn’t allow you to chat, view the posts of other people, or like and comment on them?
I don’t think so.
That’s what social currency is about.
We’re associated with a product or service because it offers us something valuable in return. The day that value vanishes, we’ll switch to other product.
How does it help in business?
All businessmen want people to praise their brand.
Yet the big question that arises among them is:
That’s where the concept of social currency steps in. It helps businesses create a unique brand identity.
As a businessman, if you want your business to grow, you have to pay special focus towards social currency so that people feel valued by associating with your brand and sharing things about them.
Here’s how can you use the social currency for your brand’s benefit:
Offer them the best services
A couple of days back, I went to a restaurant for lunch.
Food presentation was fab and the ambiance was divine. Yet the most important thing was that the staff was very polite.
They took care of everything. Till the time I stayed there, they made me feel like I was the most special person in the world.
Overall, they offered me the best services.
And do you know what I did?
I went straight to the office, told all employees about it, and suggested them to visit there. Then, I went to Facebook and Google and gave them 5-stars. Finally, I promised myself to visit this cool restaurant again.
They didn’t even ask. Still, I did all this.
Because I admired their services.
So, as a business, if you want people to talk positive about you, offer them the best services.
Offer them incentives for sharing good reviews
Sometimes it’s possible that the services you’re offering to your customers aren’t that good. Now, how would you make for it?
By offering them rewards.
According to the blog I covered a couple of months back, people love rewards and can do anything for them.
So, try this tactic and offer your customers rewards for praising your company.
A few days back, I was surfing through the web when I saw something like this:
We bet that you’ll lose on this quiz.
And I ended up playing the quiz – not just once but thrice.
So, you see how powerful this trick is. The person fooled me so beautifully.
Successful Social Currency Case Studies
1. Will it blend?
People love hilarious and cool posts. So, if a brand is sharing something that can tickle the funny bone of customers as well as giving them a funny message – they will share it for sure.
Blendtec proves this very well.
See this video:
While it seems funny, Blendtec is sending a strong message.
Now, you might’ve seen people blending fruits and vegetables in blenders. But who in the world blends golf balls in it?
The video shows that the blenders from Blendtec are strong and you must purchase. Isn’t it an impressive way to keep your audience hooked?
The massive budge a wallet full of cash and cards cause is pretty shameful. It can ruin the entire impression.
Understanding this, Bellroy came with a cool series of wallets that eliminated the leather and air between cards and made them appear ultraslim.
Now, to send an impressive audience to the audience, Bellroy made this ad:
The ad explains everything well. Have a look. You’ll figure out everything.
Just seeing the ad is compelling me to order a wallet online. What about you?
Firebox is another example of how cool gifts and witty descriptions make people share things.
While you can’t help drooling over the beautiful designs, reading witty make you immediately share them with your friends.
Try this for yourself.
Starbucks gives stars to customers for each purchase which they can use to upgrade to advance levels and avail different benefits.
Do you know how this helps?
This encourages customers to drink more and hence the brand keeps growing.
A Lesson we all need to learn
Here’s what our app development pros at Singapore keep saying:
In the end, it’s customers that matter. They’re the reason you’re launching your product in the market.
So, as a brand, it’s your duty to make them feel special by offering the finest services.