Social Currency: How it Builds and Enhances Online Reputation
The status of your social media pages is more important than ever to your business’s online reputation. This social currency can help build and enhance your brand’s internet standing.
Over 90% of companies that sell products and services utilize at least two social media networks. This may not be surprising considering the 2.3 billion individuals across the globe who use these social networks. These companies use platforms such as Facebook, Twitter, and Instagram to reach out to this massive audience of potential customers. Without the right social currency, however, these viewers may not turn into customers.
We often talk about social currency with out clients when we are doing reputation management.
What is Social Currency?
Social currency is the quality of a company’s social media pages in the eyes of potential customers or viewers. In essence, the more social currency your brand possesses, the more likely you are to convert social media users into patrons of your business. In other words, if your social networks are poor quality, customers will fail to see the legitimacy or value in your products or services. On the other hand, if you use social media to the fullest extent, you can expect to see an increase in transactions.
The following factors can all lead to an increase in social currency:
• A large amount of followers, likes, or shares;
• High quality followers (not just family members or fake accounts);
• Appropriate use of multiple social media accounts; and
• Frequently posted, meaningful, and relevant content.
How Social Currency Boosts Your Online Reputation
Potential customers, especially when conducting online transactions or research, want to ensure the legitimacy of the company they are about to patronize. Few things give a company more legitimacy than popularity among other customers. This popularity ensures that others have had a positive interaction with a business, essentially guaranteeing that new customers will experience the same.
Additionally, with meaningful web content, companies can put themselves ahead of their competitors, and stand out in their particular field. This will also help boost a brand’s online reputation.