Understanding how your business can add value to your customers is vital if you want to convince them to choose your business over the many others they could be using instead. That is where social currency comes in.
What is Social Currency?
A good digital marketing consultant will tell you that social currency is all of the resources, existing and potential, that your business has at its disposal via both social networks and your digital presence, and in the offline world. Itis the things you do to add value to these resources; the things you do to build brand loyalty and make your business seem more human.
Okay, but how can social currency benefit your business? Here are just a few things social currency can do for you:
Give Better Insight into Your Audience
Social currency can be used to deepen the bonds between your company and your customers. This will enable you to very clearly see what your customers want from your business, what they would rather not have, and where there is a gap in the market that you can potentially fill. This will help you to build a stronger, more authentic brand.
Make a Greater Impact
The more social currency your business has, the greater the impact you will be able to make with your customers. You’ll be able to create products and services that offer more value and that will mean that, not only will your customers keep coming back, but they’ll tell other people about you too.
When you have a lot of social currency, your brand becomes more influential and this gives you the leverage you need to influence other people and brands in your niche, which means you can really increase your visibility and boost your conversion rate.
Growth is Organic
Once you have a high level of social currency, you do not have to work so hard to generate growth. Why? Because all of your past successes will start to work to your advantage. More of your customers will be tweeting about you, sharing your posts on Facebook and recommending you to friends and that means you will almost market your self. Obviously, you will still need to carry on with your digital marketing and networking efforts, but you won’t need to work so hard to see results.
Greater Customer Retention Levels
Social currency and loyalty and inextricably linked. When you understand your customers and they trust you, they won’t need to go elsewhere for the products and services you sell and they will keep coming back for more.
All this enables you to benefit from higher-quality leads. Customers will be only too happy to refer your business to their network and this means that the people showing interest in your company are likely to be on the verge of making a sale. That means you spend less time on the hard sell and more time actually selling.
Increasing your social currency requites time, effort and expertise, but the benefits, as you can see, are substantial, so start working on it today!