What’s Social Currency & Does Your Brand Have Any?

Currency is what makes the world go ‘round. On the internet, it’s all about social currency. If you haven’t heard of this term before, don’t worry. You may already have it and are using it without knowing it. Another term you should be familiar with is “circle of influence”. The more people in your circle with influence, the more influence you’ll potentially have. You can use these connections to boost your own brand reach, which could in return yield more traffic and conversions for your company. Getting a larger circle of influence takes a lot of hard work – much of which should be done with the assistance of an internet marketing agency.

Surrounding yourself with people of influence will eventually affect your own status. It’s why the rich stick around the rich. As they say, money attracts money, and like attracts like. Since most entrepreneurs think this way, it’s important to have something of value to offer in return. Otherwise, you’ll be seen as just another leach. This is where the term social currency comes into play.

What is Social Currency Exactly?

In a nutshell, it’s your value – what you’re able to bring to the table when networking with other entrepreneurs in your industry. You may have a large following, media connections or a great blog that gets plenty of attention. Whatever your value, it can be used to build mutually beneficial relationships. Your social currency is something you can continue to grow, a lot like actual money. The more you invest in your brand, the more it will become. Your brand identity can be grown using the services offered at an SEO company.

How to Build Valuable Relationships

This is where your circle of influence comes in handy. The more you network, the bigger your circle becomes. But you don’t just want to meet people, you actually want to build relationships with them. Your focus should be more on connecting with a few of the right influencers rather than creating a large circle of people with little influence in your industry.

These connections you make and relationships you build are what’s going to help boost your own value. For instance, an influencer mentions your brand in a post or publishes your content on their site. This now boosts your authority and possibly earns you more followers. Now your level of influence has increased. You may one day be able to return the favor to one of the influencers in your circle.

SEO companies offer influencer outreach services, which can be used to enhance your social media and content marketing efforts.

Watch Your Online Presence

Your online presence is how you can build upon your social currency. However, keep in mind that your reputation online can also detract from your currency. If your brand is caught in a consumer backslash, others will distance themselves from you and your value will diminish. An internet marketing agency can help you maintain your online reputation and also help when there’s negative promotion of your brand.

It’s very important to have a strategy in place that will help boost your credibility and authority. Content marketing and social media marketing are excellent tools for this. Remember, true value comes from consistency. This goes for your content quality, social media engagement or whatever else you offer your audience.

Monitoring Your Relevance

If the internet had a speaker, it would sound like millions of people talking at once. There are millions of conversations going on at once, and in some of these, your brand is being mentioned. Keep watch of what’s being said about your brand, so you can react accordingly. There are tools you can use to get alerts whenever your brand name is mentioned on search engines and social media platforms.

Consult with an internet marketing agency to see how you can manage your online reputation and improve your influencer outreach.

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