How much influence and Social Currency do you possess? How successful are your social media strategies? How do you stack up to the social media heavyweights?
Currently there are algorithms and metrics that can accurately measure how you size up. In fact, it’s a mistake to think that the number of followers or friends someone has equals their influence. This couldn’t be more false. In fact, it takes more than numbers… there are many variables that play into the metrics of how influential someone is through the power of their social media. It’s their Social Currency… your Social Currency, my Social Currency, that tells us how much influence we wield via our social media.
What is this new math? It’s a lot of computation, but various companies such as Klout, PeerIndex and Kred all attempt to define your social currency (or digital social influence) with an actual score. The higher your score, the more influence or Social Currency you have. So what’s your score and what does Social Currency mean? Why keep score you ask?
Companies are keeping score because everyone is attempting to define and put a number on the power that is influence. In the current system of economics, influence is derived monetary, political or social capital. Social capital as a component of influence is now changing drastically to include and perhaps be overtaken by our digital personas!
What is social currency? If we are going to talk about it, we need to define it. The most common, as found on Wikipedia is:
Social currency is a common term that can be understood as the entirety of actual and potential resources which arise from the presence in social networks and communities, may they be digital or offline. It derives from Pierre Bourdieu’s social capital theory and is about increasing one’s sense of community, granting access to information and knowledge, helping to form one’s identity, and providing status and recognition.
Social currency represents a shared asset of consumers and company-owned brands. It originates from interaction between customers and consumers.This definition of Social Currency is simpler, but it leaves me still wanting for something I can sink my teeth into, (though I think a wonderful first stab in 2010).When I speak of Social Currency, I frame it though the vehicle of key relationships.
Social Currency is the total economic value of your relationships, both in real life (IRL) and digital. ~Tamara McCleary
By building your social media presence and influence, you have an opportunity to build your Social Currency. A growing Social Currency provides you capital which can be reinvested in yourself and with what you can offer the world as your own contribution. In my recent, and very popular article on The Rise of the Relationship Economy, I explained the growing power of relationships (e.g. Social Currency) in the economy at-large. Grow your social presence genuinely with the best intentions and you too will see the benefits of the rising Relationship Economy in your own life and business. Celebrate the fact that non-celebrities like me and you can have the same power and influence that was once only reserved for the rich and famous. (But still don’t tweet out eating the oatmeal, nobody really cares.)
About the Author
Latest posts by Tamara McCleary (see all)
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