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Does Your Business Have Social Currency?

By April 16, 2019Public Relations

How often – and in what way – is your business talked about? Are you generating buzz about your brand, services, and employees? Because of the rapidly evolving business landscape, figuring out the nature and magnitude of your business’s social currency is critical.

THE AUDIENCE IS CHANGING…CHANGE WITH IT

Remember that as time passes, potential customers’ increasing preference is to interact with your company on social media. The 35-and-younger demographic leans heavily on these sites to inform them about businesses and products. Make sure you’re doing your best to be present and active on these platforms; failing to do so cuts you off from future and present customers. If you don’t have a Facebook or Google Business page for your business, make one and maintain it. Solicit good reviews from current customers, and respond promptly to messages and negative feedback. Facebook even tells your page visitors how responsive you are.

DOUBLE-DIGIT FACTORS

It’s not just a “virtual” thing that exists outside the world of dollars and cents. The strength of your social capital actually produces tangible results. AdWeek’s Erich Joachimsthaler, who claims to have first come up with the phrase “social capital” in 2009, notes that studies showed that 13% of sales directly resulted from online/offline recommendations; for higher-end products, those referrals accounted for a whopping 20 percent of sales. You don’t want to miss out on that slice of business.

BUILD IT AND THEY WILL COME

Aside from actually selling your product, perhaps just as important is selling yourself. More and more, younger talents are attracted to brands as prospective employers; they take pride in being part of a hip, cutting-edge operation that knows its way around social media. In the end, the more top-end talent you attract, the more social capital you’ll build with future employees, too.

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