Social Currency Metrics: Quantifying Influence Capital in Digital Brand Communities
Thanks to the development and rise of social media and brand communities online, there is an emergence of revolutionary approaches to the way companies build their relationships with customers and values of their brands. Influence of social interactions, information sharing, brand advocacy and engagement of communities online has become an important aspect of the concept of understanding the value of social currency. The main aim of the study, named “Social Currency Metrics: Quantifying Influence Capital in Digital Brand Communities” is to analyze the aspects of social currency and develop a model for measuring influence capital in a digital environment. The study is carried out with the use of analytical approach, quantitative orientation and secondary research, the literature reviewed. There are six dimensions identified that are social engagement, information sharing, brand advocacy, social identity, trust and credibility, social influence. The suggested Social Currency Index (SCI) would integrate these dimensions along with the following combined indicators and measures, as demonstrated by the scale which is “normalized” to scale. As seen, the analysis demonstrates how beyond the conventional indicators of engagement (Likes, Comments, Shares) there is a need for an integrated approach that takes into account not only the behavioral engagement but also the relational value. The steps outlined above will assist organizations in evaluating the impact of the community, figuring out the valuable people to engage with, and developing a strategy of data-driven digital marketing. In the future, the research findings could be used to empirically validate the model with surveys and analytics of engagement.