“Data is not information, information is not knowledge, knowledge is not understanding, understanding is not wisdom.”
As time progresses and we continually evolve through the social space, we are beginning to notice new challenges and opportunities. We have redefined our identities, as they do no only exist in the physical space, but are now eternally echoed through countless social posts scattered and shared throughout the world wide web.
There is new a type of value in this social market, it isn’t a tangible piece of paper with a featured president, rather it is an influential identity that spreads and seeds on our social networks. There is a new currency on the market today, a social currency.
Whether we are posting our favorite plate from dinner, or ranting about how the new iPhone 5 will change our lives we are producing information. To the hosts, it is simply our opinions and our perceptions, a valueless void of our personality. It is in fact quite the contrary. These social tendencies construct who we are to the unknown world and leave quite the cache of valuable information. As consumers, marketers have always valued our opinion. It allows them the ability to make strategic forecasts in their own marketing plans and operations. Instead of wasting countless funds on costly focus groups and surveys, marketers are now finding value in the social information or social currency.
The social currency is a relatively new form of value. It has grown along with the trust we have placed into our friends at Facebook, Twitter, Pinterest and other major social giants. The protests against privacy have been placed in history, and for the most part we now welcome the social system. We are now sharing more than ever before, we are creating newer opportunities for a newer market.
The social currency may seem easily attainable, but it is firmly centered on one idea: trust. The confidence you place in your friends and family can be socially translated to the brands you love. In order to fully master the potential of social currency you must foster a trust with your social audience, you need to build a developing relationship of trust in order to engage your consumer. You need to be their friend first, than the possibilities could really be up to you.
There is more than enough data in the social spectrum, but it simply remains data unless you possess it. Once this data is collected it can process and presented as information. You can categorize your social influencers into their own niche markets and preferences. You can then begin to know exactly what they are individually interested. What do they want in that next new product, and where they may look for it whether it is on line or social. This is the knowledge of social currency. Furthermore, you can now begin to understand why you consumers buy the products they want. Why that one viral campaign was so successful, or why your last social media campaign didn’t fare to well. Understanding their personal tendencies is extremely beneficial in planning your next marketing tactic. Lastly through this understanding you could develop the wisdom to make the correct decision in your next business move. You have the ability to decide how to accurately attract your customers, and now you have the resources to do so.
Social currency effectively turns data into wisdom. It takes seemingly pointless information into potential income. Social currency is the new legal tender out on the social web today, and has already proved its worth with countless companies investing in their social outreach. The decision is up to you, because the social currency is already there and has been waiting for quite some time. Don’t let your social users sit in squalor, listen to the information they have already provided. Make the wise choice.