Social Media Currency

 By Chung Jaan Hao, CEO

It has barely been a month since we launched WOWLOUD and the number of positive comments about the service has been overwhelming. Nothing gives me more joy than knowing that real users out there are truly appreciative of what we do. Not resting on our laurels we do expect to introduce more groundbreaking features and content to take the whole experience to another new level.

One of the key reasons for creation of WOWLOUD as mentioned before was due to the imminent shift in how consumers would access content in an increasingly mobile and wired world, and music was one of those things that will be at the forefront when the really large shifts occur. Think social media just 3 years back and if you were one of the skeptics back then, I really do hope that by now you are fully converted and have learned to adopt it in your marketing and advertising work.

There were of course other reasons for WOWLOUD and the other key reasons are the creation of a media and social media currency platform. Media is pretty straight forward so I am just going to talk a bit about what I mean by social media currency.

For the uninitiated, “social media currency” refers to the value exchange that takes place within the social media environment. Just like in the real world where people create value through products and services, social media value is created on mass scale daily through the content and conversations that take place within those social media communities. Yes, people are the social media and advertisers and marketers just really want to “buy” their time and attention, which hopefully leads to real world sales. What advertisers and marketers use to “buy” people’s time and attention is the “social media currency”.

The days of one-way advertising is not going to last forever and will be replaced by something much more complex where advertising, marketing, sales, loyalty and customer service are going to be mashed up and mangled together. Companies will find a need to re-learn and re-train their staff to go head on with the exciting times ahead. Let’s face it, whether we like it or not, it’s difficult to get consumers to tweet good things about you or your product, but one thing certain is that they can surely “tweet you to hell” the minute something screws up. We can chose to ignore it and sweep it under the carpet, but it is always going to be there and if something really catches on, you might suddenly find yourself in a major public relations dilemma. I am not exaggerating as things like this has happened before and will happen again in the future.

The best way to for companies to move forward is to re-organize themselves into socially engaging entities with continuous investment into creating social media value. Most times it is the social media value creation part that falters for most companies as they struggle to create sustained and continuous valuable social media exchanges with their targets.

So what’s valuable to the social media audience? I would say conversations and content.

Create valuable conversations with your audience through regular engagements, good or bad. Be open about discussing and answering questions about your products and services. Be ready to handle criticisms and complaints in an open and fair manner. Be socially media active and create opportunities and content to engage with your target audience.

Never get confused between the difference of “announcing” your products and creating the platform for valuable exchange. Announcing your product within the social media platform by itself is a one way engagement which only creates value for the announcer. This does not work well in the new order of social media economy.

Content whether user generated or branded, is a key social media currency. It is the most tangible thing that you can use to “pay” your social media audience. You can create valuable information, create contests or even give your audience free WOWLOUD accounts for engaging with you. Whatever it is, without the right content, it is difficult to sustain long-term social media engagements.

Music is extremely versatile and can cater to virtually any target audience, and everyone loves free and guilt-free music. With this in mind, WOWLOUD was created and designed to be used as a social media currency through free unlimited music content based on a superior end user experience. In other words, the user experience of WOWLOUD has to be good to the point where there is a clear tangible value for users which translates in social media value.

At the same time WOWLOUD also has to be able to integrate seamlessly into brand campaigns to create the ultimate user experience from a brand advertiser’s perspective. It has to allow creative room for long term brand engagements over social media with added opportunities to bundle real world experiences and association with music, well known artistes and entertainment.

WOWLOUD will continue to be refined and updated rigorously and new ideas anchored around the concept of social media currency will continue to emerge and mature over time. We look forward to share our future successes with our readers. In the meantime do contact us if you wish to contribute new creative ideas on what we can do with WOWLOUD.

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