What exactly is the economics of social media marketing? What is the cornerstone of the economic principles underlying the nebulous structure of social connectivity? These are big tough questions which deserve far more attention than this post will pay. For now, I’d offer this: Social Capital is the center and circumference of any dynamic web presence and there exists a straightforward process to organically accumulate it.
WHAT IS SOCIAL CAPITAL?
Positive Social Capital includes, but is not limited to: trust, networks, goodwill, strategic alliances, collective perceptions, personal values, beliefs, opinions, judgments, community bonds, meanings, and hopes. A simple definition of Social Capital:
Social Capital is the aggregate value of actions derived from social resources.
Note the keyword in this definition: actions. Without actions, there is no business, no life. Regardless of how to quantify Social Capital, it’s important to understand its qualities. If metrics are important, the measurable variables will reveal themselves. (That accounting lesson is not part of this post.)
So, how do we engender and accumulate Social Capital? Is there an underlying process of social media interactions? Yes.
THE SOCIAL CAPITAL ALGORITHM
When conceiving, planning and correcting your web presence, it’s easy to veer off-track. You must remain faithful to your going concern and keep steady vigil on your vision and goals while working with the relevant strategies and tactics which accomplish them.
Although there is no universal way to “do” social media, there is I believe a simple strategic algorithm that is compatible with all honorable marketing. Here it is:
- Invest in Trust
- Market hopeful Meanings
- Share the Wealth
- Repeat daily
That’s it. Nothing complicated. A no-brainer.
BUT: Just because the algorithm is simple, don’t assume that the work is easy. Silly as it seems, constantly and remarkably leading and maintaining a real-time web presence demands a lot of dedicated work.
It’s easy to wreck trust. It’s easy to kill hope. It’s easy to be selfish. It’s easy to slip any day. Creating and leading and interacting and providing value every day are difficult and the work tying it all together can be very hard.
MORE TO COME
I will be discussing Social Capital in upcoming posts because it’s an interesting topic, one central not only to marketing but also to our lives in the 21st Century. Some of what I will discuss will be a review of the subtle complexities and hidden consequences of Financial Capital and how they come to play in Social Capital. Any discussion about ROI is pointless without a solid understanding of capital’s ramifying powers.
For now, think of ways to work these steps into your habits.
Does this ring true for you? Share some of your wealth and invest a little time in the comments.