Social Currency is a really important term that all marketers should be aware of.
Image via Age
Social Currency are the objects that makes us valuable to our friends.
Here are two examples of how brands have created social currency for their consumers.
Intangible Source: Who Weekly
Brands can act as sources of information that people can then use as social currency with their friends.
E.g Sharon reads Who Weekly
Sharon: Did you hear about Paris Hiltons new video that she was in?
Diane: No, please fill me in!
The information about Paris acts as social currency. As it is a piece of information that is valued by Diane.
Tangible Source – Nike Shoes
Anyone that knows me probably knows that I love Nike Air Max's. If I see you also wearing Air Max’s I will probably hold you in high esteem because they are seen as valuable object in my world. The Nike Air Max’s are acting as social currency.
Next week, I will be showing how brands can create social currency in the social media space.