Social Currency Defined

by Joe Mescher on August 28, 2009

social-currencyHow do you profit?

What I mean is, how do you build relationships, find new friends, bring money in the door, and expand your knowledge to profit in the broadest possible sense?

Maybe I should back up a little bit and start from the beginning. Yesterday my friend and occasional guest poster Mike Taverna told me a fantastic story.

Spare Some Change?
Mike and his friend were at the counter of a local deli/convenience store picking up a Red Bull on the way home from work. The clerk told Mike’s buddy his drink would be $2.34, but when he checked his wallet there were only two singles inside.

“Screw it, I’ll put it on the card,” he said. “No man, it’s cool,” said the clerk – and he reached into his tip jar (remember, this is a deli too) for the change to cover the $0.34.

Mike walked outside and about a block later his friend said, “Dude, that’s the same distance as [competing convenience store] from our place, I’m totally going there from now on.”

See what just happened?

One random act of kindness endeared Mike’s friend to a new business that he plans to spend money with on a regular basis. Money the business would have missed out on otherwise. Now we can poke all the holes we want in this theory, and I hear what you’re thinking:

“He won’t really go back to the store”
“The clerk was just being lazy and didn’t want to have to run the card”
“I could really use a Red Bull too”

Ah, my cynical friends, don’t be so quick to judge! I guarantee one additional sale will cover the spare change the clerk parted with (from his tip jar, not the till), but that’s not the lesson.

Great Customer Service is Marketing
Former Speaker of the House of Representatives Tip O’Neil said, “All politics is local” and you can apply this lesson to social currency too. We build our brands, learn new skills, make more money, and profit exponentially by giving the best we have to people in our communities.

Invest in people’s “emotional bank accounts”…teach them something new…be their friend and show them you care. If you commit to helping people get what they want, your own rewards will increase dramatically. Alright troops, get out there and boost your own social currency today!

Before you Forget…Let Commando Share Some Social Currency with You:
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Tech Obsessed Since Age 5 - Meet Joe Mescher

Joe Mescher is a behavioral advertising professional and Digital Marketing Evangelist, a Michigan State Spartan and half of the team responsible for a set of fraternal twins born October 11, 2012. He lives in Burlington, VT.

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