The Value of Social Currency in Business

Why Social Currency In Business Is So Valuable

In business, your relationships with other people, including your coworkers, employees, managers, customers and other professionals, all ultimately determine how successful you are. Social currency is often defined as the value given and received by an individual's social interactions, both offline and digitally. In other words, you innately bring what you have to offer to the individuals in your social circle and they exchange what they have to offer in return. This isn't a new concept, but thanks to the increasing prevalence of interconnectedness in our world, it has taken on new importance. Everyone in business should know the value of social currency.

You Can Build It

The first important thing to know about social currency and your value in business is that it can be developed, and you are in complete control of that development. To use a basic example, if you prove yourself as reliable in that you always arrive on time for meetings and always seem available to help when other employees need it, that reliability is an important piece of social currency you have at your disposal. If you are not currently very reliable, you can become so by making a serious effort to better yourself. The same goes for knowledge - you can take the time to learn things that will make being acquainted with you more valuable to others.

It Allows You To Network Better

Everything you do and say has an effect on your connections with other people, and people are far less likely to be interested in forming a relationship with you if that relationship doesn't bring them some kind of value. Your social currency allows you to better network with other professionals and thus grow or change the circle of people you barter social currency with. Your knowledge, skills and even your personality are the social currency you use to grow your network. The more people you exchange social currency with, and the higher the quality of those connections, the more value you will accumulate and have in business.

It Allows You To Reach New Customers

Social currency isn't just important to your professional circle - it is also important to your customers' social circles. Your customers also engage with others on a daily basis and want to feel important by bringing value to the lives of others. This means that if they really like your product and it worked wonders for them, they're very likely going to recommend it to a friend who has the same problem. Understanding how customers spread knowledge of products is obviously helpful to the businesses that produce them. So always focusing on how your product or service helps the customer or is remarkable in some way will not only show the customer your value but also give them social currency that will increase their own value.

It Is Especially Valuable For Independent Contractors

Independent contractors have even more to gain from understanding their social currency than other businesspeople and employees. Especially if you are working as an independent salesperson, such as a LipSense distributor, social currency is perhaps even more valuable to you than it is to a small business owner because you are primarily selling yourself in addition to your product. Your own personality, helpfulness, trustworthiness and specialized knowledge are all forms of social currency that will make your customers want to come to you for their product. Your product is not the only thing of value you have to offer your customers - your own professional knowledge and likability are as well.

Conclusion

While not a new idea, the concept of social currency is gaining in importance in the modern world. It is becoming more and more critical for businesspeople to understand and leverage the value they bring to the table as professionals in order to be successful. However, it's always important to be genuine in your business value to others and not manipulative. The social currency we possess and bring to business transactions helps us sell more products, gain the respect of other professionals and grow as people. Social currency is here to stay, and mastering the value it can bring is a major key to business success.