Social media, with its ability to gather unprecedented amounts of data, has revolutionized marketing methods. How can big-ticket items like automobiles, where purchases often involve more time and research, take advantage of this access to consumers?
The Value of Social Currency
Vivaldi Group, a global marketing consulting firm, has come up with a creative way for car companies to create consumer engagement. CEO Erich Joachimsthaler has dubbed this process “Social Currency,” which applies both figuratively and literally.
As conceptualized by Vivaldi, social currency consists of seven dimensions. The top two, personal identity and social identity, are self-explanatory; they define a consumer’s self-image and place within the social structure.
How Social Currency Boosts Consumer Engagement
While the first two dimensions are already established, the other five present valuable opportunities for automakers to engage with consumers and help them solve problems. These dimensions are:
- Expression, or brand identity
- Conversation, or brand-consumer discussion
- Affiliation, or how the brand builds a peer community
- Information, or how the brand and the peer community combine to educate consumers
- Utility, or how these dimensions personally affect consumers
In addition to creating a bond with consumers, social currency provides companies with avenues for real-world feedback so they can continually evaluate and refine their approach.
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