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Tags – Social Currency
Have you ever stopped and thought about what being social does for your business?
You may think of the connections you build or the referrals you get, but there is a collective progression for your business through being social, that is harder to evaluate.
Put simply, you are building a brand identity that leads to a social currency.
Social Currency
Social currency refers to the resources, whether actual or potential, that stem out of being social, online and offline.
In other words, social currency is the stance towards which intended consumers feel a sense of value. The application of this phenomena is what creates brand loyalty, which in turn propels positives for business, such as ‘word of mouth’.
You may already be sensing this. Social currency is all about building a community – the main stance of Axies Digital to begin with.
And, this is a strong alternative to traditional decision making.
Impactful Decision Making
Traditionally, decision making was based on the rationality of the decision maker.
And, as we have mentioned multiple times, humans are emotional beings. Therefore, the highest level of rationality to be expected of a market is only a semi one.
Community building, and in turn social currency, is the humanisation of decision making. It makes the whole process more realistic and applicable. As a result, this form of attached is simply more impactful – it hits the right chords.
Thus, social currency values engagement and interaction with the customer, allows access to internal information and knowledge, the sharing of which then strengthens the bond between the organisation and the beneficiaries.
The challenge for a marketer, or business in general, is to keep the engagement alive. By doing so, a business improves its chances of learning the social processes and behaviours of their target market and how to mould it towards the future.
Don’t be worried if you do not click with your market from the beginning.
At Axies Digital, it took us a good part of a year to push our social media engagement to a level where we can draw understanding from it. In fact, it has changed our whole perspective on how social interactions contributes to propelling the Axies Digital brand.
To learn more, get in touch with us today.
And, to learn about other aspects of socialisation and business together, check:
- The Unspoken Negatives of Social Media for Business
- The Importance of Customer Reviews: Applying Social Proof to Business
- How Powerful is Social Media for Business? | Brand Development
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