CEO of Vivaldi Partners Group, Erich Joachimsthaler, speaks about how brands can leverage social currency in this interview from the last Digital Darwinism Summit in Frankfurt.
Joachimsthaler discusses how the digital revolution has fundamentally changed the way consumers relate to brands. Traditional one-way communication streams have transformed into continuous feedback loops with connected, engaged consumers.
The firm’s Social Currency Research identifies six dimensions of social currency. Nike’s FuelBand self-tracking device, for example, is designed around “affiliation,” making collaboration and competition among users of different athletic levels more fun.
The Nike+ initiative tapped into how goal-setting and data sharing influence motivation. Using the Nike+ platform, users share daily targets, photos, compete against each other according to body type and skill set and engage in mini competitions to see who is more active during the day.
Regarding B2B, Joachimsthaler believes there is a misconception in the industry that social currency affects only consumers. “All business is social,” he says. “More than 75 percent of B2B customers use mobile to seek out information before making purchasing decisions… a B2B revolution that is hidden in plain site.”
In addition to affiliation, the report identified five other social behaviors that make up social currency:
The Digital Darwinism Summit brings together Europe’s top C-level executives to explore how brands can survive in today’s increasingly digital world and what marketers need to do to stay relevant and create value from social technologies.