How social currency influences purchasing decisions.
A Social currency is a common term that can be understood as the entirety of actual and potential resources which arise from the presence in social networks and communities, may they be digital or offline. That’s according to Wikipedia.
explains what the term “social currency” means. Brands, in general, are always looking for creative ways to position themselves to grow their brand equity in the digital sphere.
“Influence is like a bank account. The more you use it, the less you have”. @MrobertsOnline
Every day in our offline conversations, we are influenced by many things socially, politically and economically which morph into opinions / beliefs that frame the “word of mouth”.
Word-of-mouth plays a key role to push the customer to “Google” (search) and get more information about offline buzz.
Research done by Keller Fay Group concludes that up to 93% of word-of-mouth is offline and 7% is found online. These findings make it clear that as Digital strategists, our focus should be more on the offline conversations and less on what the buzz is online to map out and build a conversion funnel that will result to a lead on the website or a share on social networks.
The internet is the second largest driver of word-of-mouth while TV is the first. The fact is that great content will resonate and influence social currency.
According to Mike Roberts, digital marketers are mistakenly optimizing content for page views instead of word-of-mouth. That’s where we lose the game.
In Africa today there is a diverse group of trendsetters, education enthusiasts, media influencers, social activists and content creators. Brands need to develop locally relevant, quality products that are tailored to local markets. Brands can only do that if they understand what quality means for African customers. They should know their preferences, lifestyles, and daily needs. This will play a key role in influencing word-of-mouth conversations held offline in their homes, streets, markets, bars and offices to earn the social currency.