Social Currency or Value Exchange?
What if you could walk into a designer store and buy a product simply by offering to Tweet that you are in the store or taking an Instagram picture of a product and sharing with your friends? Ideal world right? Well this concept just became reality at the Daisy Marc Jacobs Tweet Shop in New York City’s SoHo neighborhood this past weekend.
— Marc Jacobs Intl (@MarcJacobsIntl) January 29, 2014
On Friday, February 7th to Sunday, February 9th, guests could “pop in” to the Marc Jacobs Pop-Up Shop and cash in their social currency (Tweets & Instagram photos) for products in the shop.
Other features of this shop included:
What makes this campaign distinct is that Marc Jacobs has created a unique value exchange for their consumers. Ideally the company is trading their own perceived value for something more valuable and vice versa for the consumer.
Here Marc Jacobs has products that are more valuable to the consumer. The consumer has a social media audience (reach) that is more valuable to the brand.
Even though there is no money exchanged – they are trading on a perceived value – where both sides of the equation are coming out “wealthier” in the long run.
That being said, this may be the best case of finding a direct correlation between social media and sales.
If I were to take part in this Shop and took an Instagram photo of the Honey Eau De Parfum 3.4 oz that has a $90 value – ideally that picture would be shared with over 1,000 of my Instagram, Twitter and Facebook followers. For $90 (mark up price by Marc Jacobs – I am sure it is even less than this) they have just reached 1,000 of my fans or “paid” .09 cents/follower.
Side Note: 1,000 of my followers won’t see the post due to factors such as algorithms, timing and audience activity. However, this is a brilliant case study of eliminating the middleman (marketers and advertisers) and using your consumer to advertise and extend your social media reach directly for you.
Kudos Marc Jacobs on a job well done.