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The 7 Currencies of Social Media

25 April 2009 21 Comments

The currencies of social media:

As search, bookmarking and messaging sites become more efficient at finding the actual source of information people who exhibit traits below will begin to see a bigger reward or their efforts. At present, many sites make a living off of linking to the people who actually built the icons, menus, e-books and themes that we are all downloading. This is largely due to the relatively slow speed with which Google identifies and promotes what is recently posted. As a result, sites like Smashingmagazine get loads of traffic and they guy who builds menus or themes gets a trickle. That is, the people who cut and paste make money and the people who do all the work get nothing. Sound familiar? This is changing and Smashing, for one, knows it. This can be seen by observing the increase in the number of guest posts that have the tutorial, menu or theme hosted at their site. As this continues, Other assets besides linking will emerge:

  • Intelligence – A display of intelligence demonstrates the ability to add value to a community. Such people can produce content and applications that attract people who are interested in seeing the direction that things will take.

  • Insight – The ability to look deep inside what is pulsing through the information streams and synthesize new ideas from it. This makes ones content valuable and memorable. A person who displays this trait with regularity gains a loyal following.

  • Humor – Everyone like a joke, many people are checking social media sites at work and could use a good pick me up. To always be about work can make Jane a dull girl.

  • Knowledge – In the social media space it seems that 90% of the commentary is, speculation and observation. There is very little knowledge to be had. This is partly because the science, if you can call it that, is still young. Unfortunately, other areas suffer from a lot of content rehash and it is not uncommon for 10 blogs plus Digg, Delicious and Reddit to all be pointing to the same page that actually contains the actual information. If you want authority, show some experience and what you have learned.

  • Prescience – If you have insight, knowledge and intelligence you should be making some attempts to predict the future. Engadget, technorati and the rest are highly trafficked sites with well-funded design but if you look under the hood, many times you’ll find an author with little more or even less experience than you have. Sites that can show a willingness to estimate what the future holds and can do so creatively and insightfully don’t have to be right. The read is reward in itself and contains it’s own intrinsic value.

  • Brevity – No one knows how many web pages there are now. Most of us stopped counting at ‘too many’. Because of this, if you can make your point in one sentence rather than one paragraph, then do so.

  • Creativity – The good ideas have to come from somewhere. Revolutions and new ideas are not simply a matter of peeling away the layers of an onion. Creativity requires a synthesis of disciplines that many ‘me too’ blogs and sites are unwilling to venture forward with because they are too concerned with traffic and monetization models.
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21 Comments »

  • Kare Anderson said:

    sounds like you’re astute social media observers and keen fans of ReadWrite, mashable and TechCrunch. I’m eager to see your favorite examples of each kind of currency. – another fan of microgeist

    Kare Anderson’s last blog post..“If You Were in Trouble…

  • Clickthrough Marketing said:

    Well put.

    I am wondering about the knowledge section though as there is nothing new under the sun. Love brevity although often find it difficult to be short and sweet, and just wish we could suss that prescience one and be the first past the post!

  • admin (author) said:

    There might be nothing new under the sun, but there is no end to the ways you can look at it.

  • Robynsb said:

    To your last point: creativity – the synthesizing of ideas – it goes beyond to applying the new co-created knowledge wisely. Not much point having all this new stuff without putting it into service for humankind.

    Robynsb’s last blog post..Investing for the greatest return

  • Bob Duffy said:

    Interesting list, but not sure those are specific or core to social media. What about?
    - Be transparent: Be honest, frank and disclose. Often this means responding back to things you don’t want to discuss. Also means let people know who you are, why you are involved in social media, what you are getting out of it. (are you being paid… are these your opinions)
    - Demonstrate Active Listening: Be responsive, make sure you you close the loop on questions and determine what is actionable
    - Allow for a 2 Way dialogue: Its not social unless it’s a conversation
    - Be Socially Relevant: Discuss things that are topical as in the last day or hour.
    - Be Friendly: Not as in nice but go out and make a social connections. Read other blog posts and comments. Retweet on Twitter, Build your reputation on Facebook

  • admin (author) said:

    That brings up an interesting point about how social media can keep runaway technology in check by publicizing it’s flaws.

  • admin (author) said:

    I think I was speaking more to the aspects of a person’s online identity and what to focus on there. Your points seem to refer to the process of engagement. The two lists compliment each other as facets of an online presence. It might also be worth a thought to consider some of the items on your list to be on a scale rather than absolutes. For example, The degree of social relevance may be a function of the community being addressed. I could see someone with no clue whatsoever building quite a following, kind of like the William Hung of social media. Thanks for the additional points, they are well taken.

  • Kimberlee Ferrell said:

    I would add one more: helpfulness. If you can help anyone do even a small thing, others can see your genuine concern for others. That is a powerful message to send in today’s world.

    Thanks for the great list!

    ~Kimberlee

    Kimberlee Ferrell’s last blog post..Worldwide Blogging Conditions

  • admin (author) said:

    Kimberlee, that comment was very helpful.

  • Lauren said:

    I couldn’t agree more with these great points. A harmonious blend of these seven social media currencies would result in the richest and most rewarding SM efforts!

    -Lauren (@beebow)

  • digitalista said:

    I’m not sure that this list quite captures it. Currency is something of reciprocal value you give/i get or vice versa. I prefer to see social currency as events or applications a brand can provide which can answer the everyday needs of : ‘listen to me’, ‘reward/entertain me’, ’show me’, ‘let me share’,'help me’ or ‘connect me’. If your social media efforts hit two or more of these in an authentic way then you might have something useful for your brand and its customers.

  • Doubledown Tandino said:

    This writeup is great.

    I’d like to add one, sort of put it off to the side, although it still is a currency of social media… and that’s “controversy”
    … it’s an odd catch 22 with controversy, but if you use it right, it can spark debates, and even lead to people following just to hear what’s next.

    Doubledown Tandino’s last blog post..Rocking the Metaverse 2.0 ( World 2-1 ) – The Recharge at Orange Island in Second Life – July 7th, 2009 – 1pm-4pm (slt)

  • Freelancer Office said:

    This is my insightful, funny, creative comment. For the win.

  • admin (author) said:

    Yes, others have stated that perhaps ‘currency’ is not the right word. On the other hand I tend to think that the items in the list can be traded for attention, traffic and trust.

  • admin (author) said:

    Controversy can be misunderstood to mean stirring things up. I’d prefer to think of it as offering a different perspective. That’s really what it’s all about.

  • admin (author) said:

    That may be the most efficient application of that principle ever. The next cocktail party I go to, I’m just going to utter that phrase to random groups of people and walk away.

  • Fernando said:

    Those are “positive” currencies. There’s also a very popular and powerful currency that is sometimes used for purposes detrimental to social media: followers/people. If you are interested refer to http://bit.ly/5da8x

  • Andrea said:

    This is an excellent list from a content standpoint. But what keeps social media social? Bob and Kimberlee conveyed my exact thoughts. I value transparency, engagement and reciprocation above all of these.

    Andrea (TSE)
    @sugarfreecoach

  • links for 2009-10-01 : The ChipCast || by Chip Mahaney said:

    [...] The 7 Currencies of Social Media | Microgeist Good post – new thinking. (tags: socialmedia value media reference teaching) [...]

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