What is a Social Currency?

There are several attributes of Social Currency, including:

• Relevance - The product or brand is relevant to the person’s interests, values, or lifestyle.
• Uniqueness - The product or brand offers something new or different, making it worth talking about.
• Practical Value - The product or brand provides practical benefits or solves a real problem for the person.
• Authenticity - The product or brand is genuine, authentic, and trustworthy.
• Credibility - The product or brand is supported by credible experts or influencers.

In eCommerce marketing, a social currency is important because it drives word-of-mouth referrals and recommendations, which can lead to increased sales and customer loyalty. When someone shares a product or brand with their social network, they are effectively endorsing it, and their followers are more likely to trust and act on their recommendation.

To improve your social currency, you can focus on creating products and experiences that are relevant, unique, practical, authentic, and credible. You can also invest in building relationships with influencers and experts in your industry, and leverage their reach and credibility to further increase your own social currency.

Another strategy you can use is making it easy for customers to share their experiences with your product or brand, by providing them with the tools and resources they need to do so, such as sharing buttons, product reviews, and testimonials. You can also incentivize them to engage in this way through loyalty programs that reward them with points, discounts, and benefits for such actions.

By making it easy for your customers to talk about you, you can increase your social currency and effectively grow your business.