Social Currency can provide Building Product marketers a tool to set themselves apart.

What is the future of “Social Currency” as part of a building product company marketing strategy?  Is this a fad, a cumbersome step in the purchasing process, or is it a valuable tool for building product marketers?

What is “Social Currency”.  Is it another name for a Rewards Program?  One explanation of Social Currency is “the connectedness between customers as much as with a business. It’s about the community being created as much as the transactions.”

Social Currency can be used as a source to connect with building product customers, creating a customer relationship marketing strategy for your customers.

Starbucks is a front-runner in the use of Social Currency.  Building product customers can use their card to gift a customer a cup of coffee or being known by name at their favorite store.

So what does the future hold?  iTunes could be a player in this strategy due to the ease of use.  PayPal is another that could benefit from this strategy.

Marketers could create or utilize this sort of social currency approach in their own rewards programs, example:

  • Building distributor could team with a manufacturer to create a “Value Card” for dealers and/or customers for a rewards program
  • Purchases could add dollars to a card account that’s used for purchases
  • Dollars could be added through social media relationships

Whether you are in banking or are simply a retail-based business looking for new ways to entice customers, it may be time to re-imagine what financial transactions look like. Now we must consider:

  • How can I make every transaction an instant social connection?
  • How can I turn transactions into communal events among customers?
  • How can I create enhanced value exchanges for customers at POS?
  • How can I even turn my B2B transactions into social relevant events?

It is possible that future financial transactions may be impacted by the retailer/banking institution relationship that is marketed as a “value relationship” for the joint customer.

Sources and Additional Articles

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