Social Currency refers to the pull or influence that a consumer has amongst their peer group.
As marketers, we have witnessed the rise of influencer marketing and understand how building Social Currency plays a vital role in the marketing mix. Experts predict that the influencer economy could reach $15 billion by 2022. The lion’s share of these dollars will be high-profile models, celebrities, self-made internet stars, and niche content creators.
But why are we not doing more to unlock the Social Currency of regular people?
Experiential marketing can help unlock the Social Currency in the pocket of everyone, and doing so would require only slight changes from how most experiential activations operate. Think about your experiences with brands at the street level. What did you have to do to get that sample, have your picture taken in an immersive setup, or play a game that could land you a fabulous prize? Nothing right? You most likely just had to be present.
Peer-to-peer influence and word of mouth have never been more significant factors in purchase decisions than right now. We get constant feeds of what our friends and connections are doing, eating, watching and liking. We must do a better job of harnessing this. Far too often, as experiential marketers, we don’t get imaginative enough when considering strategies to expand the reach of our activations. We slap a hashtag on signage, encourage consumers to post about their experience, and hope they do. Why aren’t we demanding they post with that hashtag in exchange for products and services, or an experience? Who decided that experiential marketing was all about giving the consumer something for nothing?
It’s time we reimagine the way we build experiences.
Without a social currency-based payment structure in place, we are doing nothing more than putting t-shirts in a cannon and firing them off into the ether. Social media provides us with an opportunity to leap out of the dark ages of XM. We now have the means to reach an exponential number of people with every sample, piece of branded merchandise or experience offered.
Here Are Three Easy Ways To Start Leveraging The Power Of Your Consumers’ Social Currency
- Exchange A Post For A Product Sample
Let us say you are a snack-based CPG and are planning a sampling campaign. Instead of handing your product to every person that walks by, ask interested consumers to take a picture of themselves with the product and post it to one of their social networks and communities with specific brand messaging. That post is their payment for the product. If they are interested in what you have to offer, they won’t mind taking a few moments to do as you ask.
- Offer A Real-Time Discount Based On Posts And Interactions
Your agency has been asked to execute a pop-up shop offering exclusive merchandise from a major musician. Why not encourage consumers to reach out to their social network while in the shop to help them decide what to buy. Based on their number of followers and interactions on their post devise a discount. The greater the reach, the more interactions on the post, the more money the consumer saves.
- Exchange A Post For Exclusive Access
Experiential marketing activations tend to be open to everyone, but it doesn’t have to be that way. Why not charge admission to the experience in the form of a social post? Consumers would make a post regarding what they are about to experience to gain entry. The advantage of this is that only people genuinely interested in your offering will engage (meaning you aren’t wasting efforts on someone simply seeking a freebie). You’ll reap the rewards of consumers likely following up that post with another sharing what they experienced.
There are certainly more ways to integrate Social Currency into experiential marketing campaigns, and we’ll be writing about some of them in the coming months. In the meantime, what are some things you’ve seen or tried? Did they work?