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The process of building strong brands is extremely personal as well as very social.According to Erich Joachimsthaler, Founder and CEO of Vivaldi Partners Group, a growth strategy firm: “There is this massive amount of information that consumers are willing to share today.
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� /�u x�+� � | )�D����i���6,��Vw�6��{̜J���ˆ" g.�X�1��O�Č�>���9��������,#7 Social currency is an experiential concept and not a communications approach. *���N�CGq��ￆ-�`��KC��H�z����*#ܣw'� x��1 endstream )�D����i���6,��Vw�6��{̜J���ˆ" g.�X�1��O�Č�>���9��������,#7 !D{O1eR�� H�,�w�� endstream endstream
Put simply, it needs to develop social currency.John Berger, a British art critic, poet, painter and novelist, who was awarded the Booker Prize in 1972, once said: “So to get people talking, companies and organizations need to mint The social currency of a brand evolves organically in the network of human beings – customers, consumers, suppliers and partners. x�+� � | 98 0 obj <>stream endstream x��A�0��}O1K]�l!4����M(*)}�!p}��$�b�]�:=:�QiT:��,�g�Y��V�3l�>���_��ZkKM{1m�X��a�(�����X^G7���lF�N���&v
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40 0 obj <>>>/Subtype/Form/BBox[0 0 520.56 652.32]>>stream We find that certain levers of social currency are more important than others in driving value for companies.”Brands represent considerable assets for businesses. A review of relevant literature indicates that there is a lack of research on the relationship between socio-economic status (i.e., income and education) and happiness, particularly in relation to the desire for, or love of money. © 2020 - Market Business News. x�S�*�*T0T0 BCc3#=��\��L�|�@< endstream 23 0 obj <>>>/Subtype/Form/BBox[0 0 520.56 652.32]>>stream endobj endobj
!D{O1eR�� H�,�w�� 39 0 obj <>>>/Subtype/Form/BBox[0 0 520.56 652.32]>>stream
107 0 obj<>/XObject<>/ProcSet [/PDF /Text /ImageB /ImageC /ImageI]/Font<>>>/CropBox[36 82.08 556.56 734.39999]/MediaBox[0 0 612 792]>> 101 0 obj <>stream 74 0 obj <>stream It is about increasing our sense of community, granting access to knowledge and information, and helping create our own identities, as well as providing status and recognition.The best definition of Social Currency in the fewest words possible that I have seen, was written by Russ Klein in an “Social currency refers to the pull or influence that a consumer has among his peers, and social currency strategies are arguably the most critical point of leverage for a marketer.”Marketing professionals say that social currency is the extent to which we share information regarding a brand as part of our everyday social lives at home or at work.This sharing helps commercial enterprises create unique brand identities and gain permission to interact with customers or consumers.
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� /�s endstream Brand building has always been about establishing deep relationships with customers or consumers and share their experiences with friends and peers – their everyday social environment.”The explosion of online social platforms over the past decade means that social currency has become a key source of strength for most brands across the world.Just as major online networking websites like Twitter, Facebook Instagram, LinkedIn and Instagram have become important means through which human beings exchange everyday information, brands have also grown in those media.A growing number of companies are now using these social media websites to strengthen customer service, introduce new products and services, and keep people entertained.Social currency can also be enhanced through thousands of small forums, blogs and networks that the brands themselves do not steer.In today’s marketplace, building social currency takes several forms, some operating online and others in the non-digital world, but all related to consumers’ daily lives.F-commerce (Facebook commerce) is a strategy that concentrates on developing and designing e-commerce content and storefront sites within social networking sites like Facebook.
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