Five Steps to Social Currency

Posted by SSM Student on May 4, 2010 in Student Work | 2 comments

Fast Company’s article from their May issue, “Five Steps for Consumer Brands to Earn Social Currency,” gives new insight to the playing field of social media. A new study by Vivaldi Partners and Lightspeed Research, which fielded the data, examines more than 60 companies and assesses customers’ brand affiliations, advocacy, and sense of community, among other factors, for how they create true value for the companies, no matter whether it’s online or off (from Ben Paynter).

Here are Fast Company’s biggest takeaways from the article:

1. Advocates trump followers.
2. Context matters.
3. Not every brand should be social.
4. Social tools are a means, not an end.
5. Gimmicks marginalize trust.

For me that fact that Vivaldi Partners and Lightspeed Research measured the value of communication online and off is very important and relevant. Beyond the content of the conversation being a key factor, it’s important for companies to realize that social media tool are a means, not an end. Social media is not a fix all. Like Kelly Feller (@kellyrfeller) said during our Skype conversation, “Focus your time and energy where your audience is. If they’re not online, don’t waste your time waiting for them to catch on. Keep traditional forms of marketing in play and don’t disregard an audience just because they’re not using social media.”

So what now? Once that community is found, companies need to make sure what they’re talking about is relevant and engaging. How many of you feel like companies/brands you “Like” on Facebook or follow on Twitter are just talking at you, that they’ve only created a one-way channel of communication? I know I have. It’s the value that companies need to add to these conversations to gain respect and popularity. It takes a lot of time and energy to be successful in doing this, so help your company by having a social media strategy and creating a social media policy. In the words of Brian Solis, social media requires research, passion, and empathy, so be prepared to not only listen, but to hear as well.

By Catlin Bowers (@cabowers)