Lift11 talk: Brian Solis on "Social currency"

Brian Solis is the author of the acclaimed new book on social media and business, Engage!, He is Principal of FutureWorks, an award-winning New Media marketing and branding agency in Silicon Valley and the Chief Web Analyst at PeopleBrowsr. Solis is globally recognized as one of the most prominent thought leaders and published authors in new media. A digital analyst, sociologist, and futurist, Solis has influenced the effects of emerging media on the convergence of marketing, communications, and publishing.

At Lift11, Brian will discuss the notion of social currency, how the activity we have on social networks helps build an important asset: social capital.

Brian Solis

Futurist
FutureWorks (US)
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Laurent Haug: In what context is social currency emerging?

Brian Solis: We, including the earliest of adopters, the greatest of innovators, all have missed a vision that's playing out as we speak... what we do and say in social networks equates to "social capital" and that one day it would be used for and against us. The time has come to be mindful of the value we create in networks such as Facebook, Twitter, for ourselves. What we share, what we say, the smallest of actions from "likes" to Retweets to the simplest of updates form a digital representation of what we are. This persona can be leveraged when used effectively.

Is that the main reason behind users involvement in social networks?

No, of course not. Right now, the social web is a vibrant "egosystem". When we were introduced to blogs, Facebook or Twitter, as humans we were excited at simply having an audience for our words and our experiences. With every reactions and friend requests, we were rewarded to share more of ourselves. Now we realize something new: that what someone says can represent varying levels of value, whether it is an opinion or expertise. Who you are connected to is also important. We are judged by the company we keep. When combined, actions and relationships create a foundation for social capital.

With the emerging array of search and analysis tools, simple processes of data mining encourages advanced profiling that we, as users, are not, but should be, aware of.

For example, banks are looking at an individual's social graph to determine their credit risk. In the blink of an eye, what could be considered trivial information becomes an influential element that will contribute to changing the direction your life will take. I believe we should make users more aware of this unfolding reality. This is about consciousness. How they engage online and who they connect with serves as social currency in every transaction.

Can you define social currency?

Social currency is represented by the social objects that we exchange with one other: words, videos, reactions, links. What I publish is social currency. We can measure the value of this currency in each exchange by its reach, resonance, and ultimately influence. However, it's sum is greater than its parts. If I'm looking to weigh "who your are," what appears in search as well as the presentation of your profiles, tells me more than you know. It defines who I am and how much I am "worth". So social currency is a combination of actions and words.

Do you have a concrete example in mind?

I do appreciate what AMEX Open is doing. For a brand, they are earning social capital through the investment of meaningful and valuable social currency. Their intention is to build a social community through value-add. They are building a network and ecosystem, a complete engagement strategy built on social currency. They enlisted the brightest minds in the field of small business and placed them in a community where these people share content, expertise, and experience with everyone - without cost. It is a form of information commerce, with creation and curation of content. They also launched a mobile app to bring that experience to anyone anywhere. Their idea is to earn social capital by making a contribution to the wider community of small business owners.

What they want is not only immediate returns, but indirect and long term returns. They invest in priceless commodities: information and insights. They create a unique bond with the people they want to reach, and build social capital, something even stronger than goodwill.