Why Social Currency is Essential in Business |
Posted: July 3, 2017 |
Social currency is a new term growing in popularity. When many people hear it; they may think they know what it means but also wonder if they're correct. Social currency is considered all the potential and existing resources in various communities as well as social networks. This can be either offline or online. It is also described as the economic value of an entity or personal relationships.
Circle of Influence One of the most effective ways for an entrepreneur to increase their social currency is with an effective circle of influence. The higher quality a person's circle of influence; the stronger its social currency. It's important to remember people will not become part of a circle of influence if the entrepreneur creating it does not hold themselves to high standards.
Social Currency Behavior Many experts agree there are six different types of behavior defined as social currency. They are identity, conversation, advocacy, information as well as utility and affiliation. This majority of a company's social currency for its brand is obtained online. A company that does not make the effort to learn how their customers behave and interact on the Internet will not succeed in today's very competitive marketplace. It's important for entrepreneurs to realize a successful circle of influence is more than just other people. It requires entrepreneurs to build themselves as individuals. They must determine what makes them different from others and begin to develop it. This is the essential first step to building a successful circle of influence.
Social Encounters An important aspect of social currency is its ability to provide shared information as well as encourage essential social encounters. This is nothing new, but social media and other types of online platforms have increased its importance. This makes it possible for an entrepreneur, such as a senegence distributor, who believes in their product to build a circle of influence online and in person.
Brand Strength And Social Currency With most companies, their brand strength is their social currency. The value of this is determined by the level at which consumers share brand information with others. The goal is to make a brand part of a consumer's daily social life. The speed of the Internet's evolution combined with the rapid expansion of social media has created a method of providing information essential to building a brand.
Sense Of Community Shared assets from each consumer can be combined with business-owned brands to create social currency. It is able to create a sense of community by providing valuable information. An entrepreneur must create a community on social media networks as well as during in-person meetings. A monthly in-person meeting of entrepreneurs in a specific industry may provide a way to exchange ideas and experiences. This shared information may provide new and different ways to use online social tools, introduce new products, services and more.
Attitudes The way an entrepreneur values people is unable to be accurately measured. It is possible to notice trends are evident with different types of people. There are many entrepreneurs who believe their attitude is directly connected to the people they spend the most time with in their lives. It is common for a person to pick up the thoughts, habits and even actions of the people they spend the most time with. Should an entrepreneur surround themselves with individuals who are successful; they will pick up the attitudes and habits that made such success possible. This is considered an important part of social currency.
Personal Content Another important aspect of social currency is the type of content an entrepreneur produces. This involves everything from a business they start to blog posts they write as well as how they handle a crisis and more. The better the content an entrepreneur produces; the more people will be attracted to them. Determining the correct content will take time and dedication. It will result in an entrepreneurial lifestyle.
Social currency is more than conversation or community. It's an entrepreneur's choice to clearly see their situation. They must make every effort to identify and develop the tools necessary to properly utilize the social currency in their own lives.
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