How often—and in what way—is your business talked about? Are you generating buzz about your brand, services, and employees? Because the business landscape is evolving so quickly, understanding the nature and strength of your business’s social currency is critical.
The Audience Is Changing…Change With It
Remember that, over time, potential customers increasingly prefer to interact with your company on social media. The 35-and-younger demographic relies heavily on these sites to learn about businesses and products. Make sure you’re present and active on these platforms; otherwise, you cut yourself off from current and future customers. If you don’t have a Facebook or Google Business page, create one and maintain it. Ask current customers for good reviews, 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 coined the phrase “social capital” in 2009, notes that studies showed 13 percent 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
Beyond selling your product, selling yourself is just as important. More and more, younger talent is drawn 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.
We at Tucker/Hall are experts in developing and maintaining your business’s social currency. Contact us to see how we can help you communicate your company’s attributes clearly and effectively to all your audiences.
