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Introduction
This is not a case study and it is definitely not a research paper.
This is an essay on 'social currency', its relevance to brands, and how the importance of social currency has been lost in the avalanche of chit-chat about social media.
Too much noise
Every day hundreds (certainly), thousands (probably), millions (possibly), of comments, Tweets, posts, articles and books get written about brands and social media. We are in the age of the social media guru. Every brand wants to be on Facebook. Every brand wants to have a conversation with their customers.
Today (Thursday 7 October 2010), a search on Amazon UK for 'social media' reveals 87,434 book results. A search on Google, over 676 million returns.
That's a lot of noise. It's a wonder anyone ever sleeps.
Let's compare this to a search for 'social currency'. On Amazon UK 1,333 book returns, on Google 11.2 million returns. Not a drop in the ocean, but a fraction of the content covering social media.
Incredible. Social currency has always existed. Social currency is about much more than just brands or media. Without social currency there would be no communities. Without communities there would be no social media. If ever there was a case of the tail wagging the dog ...
Thank you Pierre
I love a good definition, what does Wikipedia say?
'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'.1
Well, I'm not sure I get that, so here's mine:
'Social currency is the value you earn in a social engagement by being interesting and fun to be with'.
Of course this is highly subjective; one person's trash is another's treasure. And being interesting, and being fun to be with, is not the same thing. I know lots of interesting people who aren't much 'fun'. But the fact remains that all of us, in some way, add value to our social engagements and...