If I had to describe what Social Currency is after reading Contagious, I would say I have learned that Social Currency is the value you generate about yourself based on what you share with others. Â
Everyone likes to get likes right?
Whether it is sharing a remarkable idea, the latest information on an exclusive item that will be sold in limited quantities or even letting people know your achievements people like to share it.Â
There are 3 ways to generate Social Currency:
Find Inner Remarkability
People like to share things that are interesting, thought-provoking and memorable. Â They like to be perceived in this manner based on what they share, nobody wants to share something that is boring, sad or unpleasant most of the times.
The thirst for Social Currency is real
We all have friends that share articles on the latest corporate acquisitions, technological development or even TedX talks, and many are interesting but more importantly the type of articles and posts they share online is the impression they would like to give about themselves, it's a form of projection.
Some to the point where it actually harms the end goal of the initiative (see: Slacktivism)
One of Jonah Bergerâs examples are the Snapple Trivia bottle caps, each bottle cap from a Snapple bottle had a Trivia fact that was remarkable and interesting, it got people to talk and share these facts with each other because they were surprising and entertaining, it became embedded in pop culture as well:
An incentive to open that bottle and to share your new found knowledge
I liken the Snapple Trivia caps to Tim Hortonâs RRRoll up the rim to win the annual campaign, we could not wait to share what we won with each other even if it was a doughnut.
If you can produce content that is unusual, extraordinary or worthy of notice and attention, it will get people to talk and spread your message via word of mouth.
To describe Game Mechanics it would be the elements of a product that will keep people engaged, motivated and want more. Â A reward system does that for consumers, such as reward miles on a credit card (people end up purchasing more with their credit cards to gather up miles and an upgrade in status).
People like to share their achievements, Microsoft Xbox and Sony Playstation are well known for putting in-game achievements and trophies for players who do difficult tasks or uncover secrets in a video game. Â Some games go far as allowing players to purchase upgrades with actual money to give them an edge over others, the need for people to do better than others has always been there and it is a Social Status driver.
More examples of achievements can be found in: Checking in places Foursquare for achievements and mayorship, Interacting in Snapchat for points and badges, leaving reviews on Yelp.
Make People feel like insiders
As Jonah Berger mentions Ru La La and the exclusivity its clothing Webstore has to quick purchasing customers, I am reminded of many limited clothing companies on the internet that use low supply and high demand as its marketing driver. Â For example Kayne West has one of the most successful Sneaker releases in Nike and Adidas history, quantities are extremely limited to the point where it is a social status to wear the Yeezys (his Brand name).
The limited quantity, insider information (related to raffles and how to get a pair) made anyone who was lucky enough to purchase a pair feel special and show it off on Instagram and other social media, even Pro Wrestling Superstar Ric Flair owns a few pairs.
Many companies try to lure customers into loyalty programs and get them to join newsletters to be the first to have exclusive information on their products and release dates, people will share this information with each other and show others what they bought to enhance their social currency.
Another example that was great to read about was Crif Dogs and the secret but not so secret âPlease Donât Tell  bar, if you are lucky enough to make a reservation on time you are allowed in this hidden gem of a bar in New York, who doesnât like the adventure of discovering a Speakeasy? It is rewarding, exclusive and something to tell your friends and share online and most importantly you are doing it for free.