Communities

Recommending a favourite book to a friend isn't just about the story itself. It's about sharing a piece of your identity and forming a bond over shared interests. It's also why your eco-conscious friend shared a picture of a sweater she found at the local flea market. Or why your fitness-focused buddy posted a photo of his early morning run at the beach. That hilarious meme on Facebook about coffee addicts? It resonated so much with your morning routine that you had to tag your workmate, who's also a caffeine lover.

People express their values and desire to be perceived in a specific way or as part of a particular group. It's no secret that people adore sharing things that make them appear intriguing, knowledgeable, or simply in the know with their social circles. To achieve this, businesses can create experiences that are one-of-a-kind, innovative, or that resonate with a person's values or convictions.

Social currency encompasses the worth people assign to the information they share. A viral customer experience is rich in social currency – it's the kind of encounter people can't wait to share, enhancing their social standing in the process. People naturally gravitate toward sharing content that elevates their social standing. After all, social currency has long been a sought-after treasure. For example, the Ice Bucket Challenge became a viral sensation in 2014, raising awareness and funds for ALS research. Participants filmed themselves dumping ice-cold water on their heads and challenged their friends to do the same. The challenge provided social currency by allowing people to showcase their support for a charitable cause while also engaging in a fun and entertaining activity.

But how can businesses concoct experiences with such high social currency? Social currency is a multifaceted concept. It offers a wealth of opportunities for businesses to craft experiences that customers can't wait to share, creating a buzz around their products or services. Let's journey into the different dimensions of social currency and how they can elevate your brand.

Five dimensions of social currency

1. Intrigue

People love to share content that makes them appear fascinating, knowledgeable, or ahead of the curve. By designing experiences that pique curiosity, you can tap into this innate desire for social recognition. Think about what makes your brand or product unique, and then create an experience that showcases it in an attention-grabbing way.

2. Affiliation

Fostering a sense of belonging is a powerful way to build social currency. When customers feel like they're part of a community or tribe, they're more likely to share your brand with others. Create opportunities for customers to connect with each other, whether through online forums, social media, or in-person events.

3. Advocacy

Aligning your brand with a cause or value system that resonates with your target audience can boost social currency by encouraging customers to become brand advocates. When people share content that reflects their values, they're not only promoting your brand but also reinforcing their own identity.

4. Exclusivity

Offering exclusive access, limited editions, or insider information can give customers a sense of being “in the know,” driving them to share their privileged status with others. Consider launching exclusive product lines or hosting invitation-only events to capitalise on the allure of exclusivity and scarcity.

5. Achievement

Celebrating customers' accomplishments or milestones can create positive associations with your brand, increasing the likelihood of sharing. Develop a loyalty program or gamified experience that rewards customers for their engagement, and watch as they spread the word about your brand. One approach is to craft experiences that exude uniqueness and exclusivity. When customers feel like they belong to an elite group or have access to something others don't, they're more inclined to spread the word. For instance, a limited-time offer or an exclusive VIP experience for select customers can create a sense of exclusivity, propelling social currency.

Example: OnePlus One

A real-life example of creating high social currency through exclusivity is the launch of the OnePlus One smartphone back in 2014. OnePlus, a Chinese smartphone manufacturer, introduced the concept of “invite-only” purchases for their flagship device. The OnePlus One was marketed as a high-quality smartphone with top-of-the-line specifications but at an affordable price, making it highly desirable. To get their hands on the OnePlus One, potential customers had to receive an invite from either the company itself or someone who had already purchased the device.

This invite-only approach generated a sense of exclusivity and urgency among consumers, who felt privileged to be part of the select group with access to this sought-after smartphone. The invite-only strategy not only created a buzz around the product but also encouraged people to share their experiences and invites with others, as it enhanced their social standing. As a result, the OnePlus One quickly gained traction and popularity, with the company's social currency soaring due to the innovative approach.

Value of communities and how to build them

As the social currency works as a transactional value, we also need a platform to use that currency. This is where communities come in. Communities have become a rising force in today's world, with more and more people seeking to connect with others who share their values, interests, and goals. From online forums to local meetups, communities provide a sense of belonging, support, and empowerment that individuals often struggle to find elsewhere. In the realm of marketing, communities have become a powerful tool for businesses looking to engage with their target audience in a more authentic and meaningful way.

By building a community around their brand, companies can create a loyal and engaged customer base, foster brand advocacy, and drive customer retention. One of the key benefits of communities is that they allow for direct and ongoing engagement with customers, enabling businesses to gather feedback, address concerns, and tailor their offerings to meet customer needs. This level of interaction fosters stronger customer relationships and helps companies stay relevant and competitive in a rapidly changing marketplace. Furthermore, communities can provide a platform for customers to share their experiences and ideas, co-create content, and even become brand ambassadors. This user-generated content can be a powerful marketing tool, as it is often more authentic and trustworthy than traditional advertising.

To build a successful community, businesses must first identify their target audience and create a space where they can connect with others who share their interests and values. This may involve creating a social media group, hosting events, or developing an online forum or platform. Once the community is established, it is important to foster ongoing engagement and interaction, whether through regular content updates, events, or other initiatives. Companies must also be willing to listen to feedback, respond to customer needs, and adapt their offerings to meet changing customer preferences.

Imaginary example: Small, family-owned coffee shop

A cosy, little hole-in-the-wall coffee shop tucked away in a bustling city. It's a place where locals gather to sip on their favourite brews, but there's something more to it that makes it utterly irresistible. This isn't your average coffee shop. It's a hidden gem, a secret oasis where coffee enthusiasts meet to indulge in an exclusive experience that leaves them feeling a part of something truly special. This small, family-owned coffee shop has unlocked the secret of social currency.

They've crafted an atmosphere that not only serves up top-quality, ethically sourced coffee but also fosters a sense of belonging and camaraderie among its patrons. The moment you step inside, you're greeted with warm smiles, engaging conversation, and personalised service that makes you feel like a valued insider. But what sets this coffee haven apart is their ingenious idea to create a members-only coffee club. The club, open to a select few, offers a range of perks, including access to limited-edition roasts, personalised coffee tastings, and invitations to exclusive, behind-the-scenes events.

It's a coffee lover's dream come true, giving members a reason to brag about their unique experience. The social currency gained by being part of this exclusive club is what keeps customers coming back and raving about the place to their friends and family. They can't help but share their excitement about being part of this exclusive community, spreading the word about the coffee shop in the most genuine and powerful way possible.

The brilliance of this approach lies in the coffee shop's ability to tap into the human desire for social recognition and belonging. By offering an experience that feels exclusive, they're able to create a sense of social currency that customers are eager to share with others. The result is a loyal following of coffee enthusiasts who not only keep coming back for more but also become ambassadors for the brand, amplifying its reach and impact. This little coffee shop has managed to turn a simple cup of coffee into a shareable, memorable, and captivating experience.

They've harnessed the power of social currency to create a tight-knit community of loyal customers who help spread the word about their amazing brews, all while feeling like they're a part of something extraordinary.