THE VALUE OF SOCIAL CURRENCY FOR BRANDS
Posted By Peppermint Soda
Across the pond, New York Fashion Week fell in love with Marc Jacobs.
He was lauded not only for his much-anticipated catwalk show – the first since his departure from Louis Vuitton – but also his clever pop-up store where delighted fashionistas paid with social currency rather than cash.
Situated in New York’s SoHo neighbourhood, the Daisy Marc Jacobs Tweet Shop encouraged shoppers to exchange tweets and Instagram photos for exclusive fragrances and accessories. Engagement was captured under the hashtag #MJDaisyChain and the more creative the post, the more enthusiastic shoppers were rewarded for their efforts.
Turning creativity into hard currency is a winning strategy for brands looking to snag social media savvy consumers. In addition to generating awareness about a particular product, it can provide an outlet for those who already support your brand to express their excitement and allow that energy to spread virally to other potential customers.
For companies that are already spending a significant amount on advertising or direct marketing, it’s worth considering whether a well-executed social media campaign would be a more cost-effective way to reach your target audience. Kellogg’s Special K launched a similar strategy in 2012 to promote its new range of cracker crisps by encouraging Londoners to purchase the new snack at a pop-up shop using tweets as currency. As a result, it effectively created a buzz around the launch of its product and engaged with the target consumers who were most likely to buy the crisps for a fraction of what it would have cost to reach these individuals via advertising.
As the use of social currency becomes more fashionable, brands should consider the real value of social media engagement and how to encourage their customers to spend wisely, whether via Twitter or the till.