What is social equity and and why do I need it?
Well Social Equity (closely linked to brand equity) covers many different things but in this article it’s the value of your online reputation as dictated by your followers, readers and fans etc. That is to say do people like you, trust you and generally think you have credibility?
This value of your equity ie your worth increases or decreases based on the on-line engagement between yourself and others on various social media outlets. It’s not very tangible but it’s evident quickly if you have positive or negative social equity and ultimately this moves to the off-line world, maybe in the form of a business transaction.
How do I work out my equity value?
If you look at the diagram below you can easily see how different aspects of engagement determine your equity value.
Now there’s no definitive scale or points system and there’s no website to sign up to to get your equity value score although I no doubt someone will try! This diagram is theoretical at best but I know that when people know, like and trust you then things happen. My suggestion is that everyone starts at 0 if you’re unknown and it’s up to you which way you travel, up or down the scale.
How do I travel up the scale?
You will be part of a community that is your followers, fans, readers and those that come across you. You maybe part of multiple communities which is where it gets a little complicated so I’ll come back to that later. Within your community you have to build trust and credibility – kudos is the name of the game.
This is done in a number of ways and if you’re already actively involved in social media you’ll of read a number of articles saying how you need to be real, authentic, transparent, trustworthy, engaging, helpful etc (if you haven’t read anything then you need to be all those).
Also if you want to be seen as the guru in your chosen field then you also need to be seen as knowledgeable, the person who should be asked and of course you must respond to and answer those questions that are posed to you.
Is it a numbers game? If I have lots of readers or followers I’m doing good right?
Well not necessarily. There’s no real direct correlation between your social equity and the number of followers or readers. For example you might have a 1000 readers of your blog but they might not trust you.
How will I go down the scale?
Posting one way salesy marketing messages about your business is a good start. Not responding to any comments, tweets or messages aimed at you. Posting inconsistently, infrequently and without any substance will also send it plummeting. And of course as in life if you’re being a general douche bag that wont help.
Can I survive an equity fall out?
A tricky one. It really depends on what happened but people are people and some will forgive and some wont. Most people like to hear the word sorry as it’s the hardest word to say. That out of the way you must then rebuild what you’ve lost or indeed never had following the advice in this article.
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