What is Social Currency (online)?
‘Social Currency’ refers to the kind of resources which can be accessed by anyone in a private or public network. It has become more significant recently due to the advent of social media and easy access to the internet.
Social media networks have also given rise to influencers who actually benefit from social currency. These networks also have tracking tools and analytics which help in tracking and comparing the social currency. Social currency provides credibility to the influencers by helping them market their affiliated product or service via ‘word-of-mouth’.
Social currency can be divided into 6 dimensions based on its type:
- Advocacy
- Affiliation
- Conversation
- Identity
- Information
- Utility
