Courtesy of www.hardknoxlife.com Vivaldi Partners recently released a study entitled “Social Currency” that looks at why brands need to build and nurture social currency.
Vivaldi’s founder, Erich Joachimsthaler explains Social Currency is:
“the extent to which people share the brand or information about the brand with others as part of their everyday social lives… Social currency is not just about conversation, buzz or community. It is all this and much more. It does not impact every brand equally and certain levers of social currency are more important than others in driving value for companies.”
Social Currency as described in the report consists of the following six levers:
Affiliation: What share of your users has a sense of community?
Conversation: What share of your brand users recognizes and stirs buzz?
Utility: How many of your users derive value from interacting with other users?
Advocacy: How many users act as disciples and stand up for your brand?
Information: How many of your users feel they exchange fruitful information with others?
Identity: How many of your users can identify other users?
While there are no real surprises in the list above it is a nice succinct checklist for organisations when dealing in the social space.