Identifying the factors of social currency for social media marketing strategy

Abstract

PurposeDynamism has been the key to the success and popularity of social media, and users always try to adapt to the available new changes. Continuous growth in the access and reach of social media in the past decade has enabled the users to make a calculative assessment of their social media usage. Social currency is a phenomenon that helps the customer in their evaluation of social media usage. However, this concept is still in its infancy phase, and there have been hitherto no studies to understand the influence of social currency dimensions on Indian users. This paper aims to study the dimensions of social currency for a better insight into social media usage of Indian customers.Design/methodology/approachData were collected from 384 respondents from the biggest residential university in Varanasi through a structured questionnaire using the snowball sampling technique. Responses were taken on a seven-point Likert scale. Responses were analyzed by the factor analysis method using the maximum likelihood estimation model.FindingsThe result of this study empirically demonstrated that six dimensions, i.e. conversation, information, utility, affiliation, advocacy and identity, constitute the social currency of the user while browsing social media sites. It was also found that among the factors described above, advocacy emerged as the most influential dimension of social currency for Indian users, followed by identity and affiliation.Practical implicationsThe findings have various managerial implications for the firms that want to have a significant social media presence. These findings can help marketers to design a tailored social media campaign for Indian users in an efficient manner by successfully incorporating the aforesaid social currency dimensions in their strategy.Social implicationsThis study also reflects the societal impact of the dimensions of social currency on Indian users, as any change in the usage of social media can have a long-lasting effect on the mood of the people. The influence of the social currency dimension differs significantly in the context of Indian users compared to the existing literature, as they give more value to the behavioural aspect of the social currency (advocacy, identity and affiliation), strengthening the sense of belongings among the members.Originality/valueThis paper highlights, for the first time, the level of influence social currency dimensions have on Indian users, as there have been hitherto no studies to understand the influence of social currency dimensions on Indian users. Another significant contribution of this research is the empirical validation of the social currency determinants. Thus, this study may contribute to the social media strategy of the firm for Indian users by incorporating the social currency dimension, as discussed in the study.

Guest editorial

“…The authors outline that motivation to share such digital coupons may be intrinsic and/or extrinsic, and they attempt to investigate how each of them impacts the willingness to share M-coupons via social sites, especially ones that are likely to be dominated by weak ties, infrequent indirect interactions and lack of emotional connection. Mishra and Singh (2021) present a first-of-its-kind empirical validation of previously identified dimensions of social currency specifically in the context of users in the Indian subcontinent. As the authors discuss, it is apparent that the dimension identified as advocacy emerged as the most influential factor driving social currency among the Indian users, closely followed by identity and affiliation.…”

“…The impact of social media on society in general and consumers in particular is demonstrated by the observation that influencers have surpassed celebrities as the most influential social media personalities among millennials (Argyris et al, 2020), a clear indication of the relevance of social media in general, and influencers in particular, to marketers. Mishra and Singh (2021), the second article included in this special issue, highlights the greater impact of UGC on consumers' decisions than marketer-generated content because such information is rated high on important dimensions like credibility and trustworthiness. It is, therefore, imperative that marketers understand the underlying dimensions of social currency (i.e.…”

Marketing Strategies on Social Media Platforms

“…El Zoghbi and Aoun (2016) defined brand as a differentiating component such as a name or a group of symbols that illustrate a product or service's origin and create psychological imagery and emotional connections that influence consumer behaviors. Therefore, social media contributes to branding by increasing its social value and public perceptions of its products and services (Mishra & Singh, 2021). SNSs emphasize on the use of user-generated content and marketer-generated content in establishing brand equity (Estrella-Ramón et al, 2019).…”

How Does Social Currency Influence Prosocial Behavior? The Role of Collective Self-Esteem and Communication Network Heterogeneity

“…In other words, they communicate just what they feel which would help them preserve or improve their reputation among their peers. Social currency, as previously defined in the literature, may be divided into six different aspects that impact the behavior of the users on social media sites, that is, conversation, advocacy, information, affiliation, utility, and identity (Lobschat et al, 2013;Mishra and Singh, 2021). The conversation is the practice of exchanging thoughts and opinions in an informal setting between two or more persons (Mishra and Singh, 2021).…”

“…Social currency, as previously defined in the literature, may be divided into six different aspects that impact the behavior of the users on social media sites, that is, conversation, advocacy, information, affiliation, utility, and identity (Lobschat et al, 2013;Mishra and Singh, 2021). The conversation is the practice of exchanging thoughts and opinions in an informal setting between two or more persons (Mishra and Singh, 2021). Advocacy is an active effort by users to recommend and promote meaningful and valuable things that they agree to with others in their social networks.…”