Social Currency: what would modern life be without social media? Our digi-social/ socio-digital existence has become such an inherent part of our daily lives that monetizing your media presence is now standard practice for most brands, the term social currency stems from the literal value of a brand’s social presence and impact. However, vanguards amongst Gen Y have understood that there is a way to make money without an existing brand or bricks and mortar, not using social media after the face but being social media and making their own opportunities through the medium. Most of these sociopreneurs are based in the US and the UK, some examples:
- Humans of New York founder Brandon Stanton, whose photos on Facebook over the years have made this amateur photographer into a published author, philanthropist and world renowned photographer and curator.
- Us The Duo, Michael and Carissa Alvarado. The husband and wife duo were struggling through a music career until their six second snippets on vine skyrocketed them to fame. They now have a record deal with Republic Records.
- Justin Halpern of Sh*t my Dad Says. With 140 characters Halpern showcased his comedic voice and his popularity exploded to such a degree that Sh*t my Dad Says is now a TV series and book.
- Lauren Bath, known as the “first professional instagrammer” works with tourism boards and brands to provide exposure through her enormous Instagram following. Bath gets paid to travel the world and paid to post about it.
Kenya has the potential for a vibrant social economy, so here are some lessons in banking some social currency.
First of all, let’s look at the statistics. Whatever you’re into, there is a market for it on social media:
- Instagram has 100 million active users
- Twitter has over 135 million active users
- Youtube sees over 1 billion active users each month
If only 0.1% of individuals from just one of these channels engages with you then you have increased your audience by over 1,000 individuals. In social currency that stacks up to real value and translates into hard currency if you do it right.
The Basics of Social Etiquette
- Social media is about community, so build relationships and engage in conversation. Do not let your followers think you are unattainable, that principle does not function on social media. Reply to your commenters, send a little love to someone who has tagged you, let them know you’re as interested in them as they should be in you.
- That said, understand the difference between making friends and making money. Have a space for your actual personal relationships and a separate one for your persona, it mostly comes down to balancing out your own life and what you share.
- Integrate between your social media sites, don’t make it hard to be found or be followed. Try to keep a unified name or theme, similar imagery for your identity
- Post with regularity, and watch your timings to maximize visibility. The lifeblood of social media is content, so keep it up!
- Analyse your successes. There are a multitude of efficient analytics out there, specific to the medium you are using. Pay attention, it will teach you how to grow.
The 6 Ways to Make that Money
- Sponsorships - If you have a significant following brands will pay to associate themselves with you and have you post either reviews of yourself
- Advertisements - Placing direct advertisements on your social media can also make you money, but be warned as most consumers react to blatant promotion
- Selling Products - This is a great tactic for individuals selling their own products through an ecommerce site, it gives you space to showcase and drive traffic
- Affiliate Marketing - Basically, commission. Other brands will pay you to link through to their ecommerce site and you earn commission on these transitions! Note, this works just if your viewer links through, they do not have to buy the product at the end
- Promoting Services - If your work is service based then social media is a great way to showcase your skills and expand your client base
- Boosting your visibility - For creatives social media can function almost as an instant gallery or show, giving the world a glimpse into your talent and leaving them wanting more
