The traditional meaning of “Word of Mouth” has taken a new direction in this technology driven world we are living in. Some still consider that the best way to market/brand any product or business is by sharing it with your families, friends, colleagues and etc. While this is still very much true, a new way to advocate and market your business has come along. Instead of spending thousands of dollars on marketing materials and plans, businesses have taken on a new outlet of social media to spread the word. It’s beyond just having followers on such platforms like facebook, twitter and Instagram. It’s exchanging products and services to customers for free in exchange for them to share on their social media about the businesses. This is social currency.

Defining social currency via the consulting company Vivaldi Partners…

“Social currency is creating a sense of community and by that a strong affiliation between customers, consumers and users of a brand. Having social currency increases a brand’s engagement with consumers and interaction with customers, and by that adding to the customer conversation around the brand, it grants access to information and knowledge, which is being shared within the customer base. Belonging to a group also helps users of a brand to grow personally by accessing new utility and also developing their own identity in the respective peer group. A strong attachment to a brand will also be a core driver for an active advocacy recommending or even defending the brand.”

The way businesses are connecting and branding with consumers are ever so changing as social media is the new form of communicating. Although we cannot measure the success of social currency since it’s still in the early stages. It seems to be the future of marketing.