I was recently at a tweet up with some close friends in the industry. We talked about social influence and how some marketers leverage it well while others abuse their social influence. We defined what we now call Social Media Equity. You see when you build a social presence and start to maintain interaction and engagement with followers you have the power to influence your following… To us this is what we call social media equity. Most people will define their equity as instant ROI or a list of valuable customers but social media allows you to maintain relationships with different contacts some of which are not your customers…
A social media following consists of the following:
- List of people you know
- List of people you follow
- List of people you admire, follow or respect
- List of people who feel the same way about you
- List of customers
- List of influencers in your market
- List of personal contacts
- List of acquaintances
- List of people you meet
- List of people you have networked with
- List of people who aren’t your customers but you know
the list is endless…. Now while people who abuse their powers will market to their entire following, smarter ones will interact with all entities of their list without the intention of marketing….
I developed my social equity by interacting and becoming an online resource for many businesses and brand regardless of their status with my business. Most people know me to seek my advise without expecting to get pitched on anything. In fact this is probably one of the business appeals for most of my followers. So when it comes to supporting my business, my presence or asking for a favour in return most people would jump to supporting me. This is not because of any obligation but simply in their efforts to show their support for my brand.
I recently was in a position to leverage and utilize my social equity with my followings. My blog was recently nominated for best business blog in the city… Some people might have expected me to do a hard-core promotion of this instead my promotion was minimal and very soft… I trusted in the people I interact with to vote and in most cases found people who weren’t just my customers voting for me.
This is me using my social media equity at its best without promoting anything to my following. It is important to understand the type of people who follow you and remember that not everyone is your customer. When you can accept this you end being more of an influence and promote healthy dialogue and conversations. After all a social media platform sole purpose is to promote engagement.
If you would like to vote for my business blog in the next 4 weeks feel free to do so here. Regardless of outcome this blog will continue to become a resource for many businesses online looking at developing their online presence.
How do you build social media Equity
- Become a resource
- Become a content authority
- Share valuable and insightful information
- Do not become a broadcaster but an influence
- Be genuine
- Network and help people
Please comment and let me know what your take on social media equity is?