VD26: How Can Your Brand Capitalize On Social Currency
If you can’t see video above, click here: http://youtu.be/QbZAFFQqpQs
This last year, retailers have experimented with Social Commerce / Social Currency. A few months back, I reported on a Marc Jacob’s marketing campaign #MJDaisyChain, where users shared their social media status in exchange to win a Marc Jacob’s product.
In today’s video, I check-out NYC pop-up store with an innovative marketing approach – OnePiece. They are capitalizing on influencer marketing by letting their customers pay with their followers – 500 followers gets you $1 off, and a share $20 off.
They garnered quite a bit of buzz with this unique approach.
Letting customers pay with social currency, is a trend, in my opinion, that will continue to grow. It enables brands to reward their audience while increasing their brand awareness and drive more sales.
[Tweet “Social currency is #trending – learn how to capitalize on this trend”]
- What is social currency? With an Instagram picture or in 140 characters or less, you can pay for your favorite items. Whatever the brand decides is the qualifier, the customer will get a specified reward. The reward can be a discount, a free product, a coupon.
- Why is this marketing trend powerful? People are four times more likely to buy when referred by a friend. Word of mouth is one of the most effective forms of advertisements because people are more likely to trust someone they know and respect. The idea here is to create brand awareness and get a buzz going around the product, company or service behind the social commerce campaign. Studies of social media as currency have found significant, positive correlations between posts and increased web traffic.
- How can you implement it for your business? Simply create a reward system of your choice. Ask your website visitors to tweet about your product in exchange for a discount, or provide a free goodie (free song download, free purse or bag, etc…) There are a few available apps which can help you set-up these campaigns – Gleam.io – Forewards App or Referral Candy
When done right, social rewarding can exponentially drive more sales to your e-commerce business. Make sure to give it a try.