$OCIA

AL
CURREENCY
Why brands
need to build
and nurture
social currency

© 2010 Vivaldi Partners

All rights reserved.
 Table of Contents
s

Editorial 2

Executive Summary 4

Introducing the Concept of Social Currency 8

Impact on Industries and Categories 20

g
Managerial Implications
p 558
Vivaldi Partners
$ocial Currency Study | US 2010 125 Park Avenue, Suite 1500 Acknowledgements 64
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Copyright © 2010 Vivaldi Inc. All rights reserved. USA
No part of this publication may be reproduced or transmitted in T
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1
 Editorial I have been studying brands for the last
twenty years. During this time, there has
of media, technologies and networks not
only changes our lives, it irrevocably
I am convinced that this study sheds new
light on the complex and difficult under-
been significant progress in understanding changes how brands are built. taking of building strong brands today.
w brands are important and how brands
why
I am pleased to present, on behalf of Vivaldi I hope that our work will stimulate thoughts
Brands are socially constructed objective become important drivers of innovation and
Partners and the many talented people who and more research, encourage new and
realities.
ea t es. Brands
a s get built
u t tthrough
oug eexpe-
pe g
growth.
workk in
i our company, thi t d off the
this study th b tt practices
better ti iin b i
business, d llead
and d th
the
riences, through people accepting them
T
There has been significant progress in the power of social currency in building strong way into an exciting future of creating value
and making them part of the fabric of their
development of financial frameworks to brands. for companies.
lives.
monetize and measure the value of brands,
For the first time, we deconstruct social
This process of building strong brands is very legal frameworks to protect brands, and a
currency. We find that social currency is not
personal and also very social. host of managerial approaches to build,
just about conversation, buzz or community.
grow nurture and manage brands
grow, brands.
Today, one of the most important strengths It is all this and much more. We find that it
of a brand is its social currency, the extent to But nothing has prepared us to deal with does not impact every brand equally. We Erich Joachimsthaler, PhD
which people share the brand or information today’s revolution in building strong brands. find that certain levers of social currency are Founder and CEO
about the brand with others as part of their T rapid evolution of the Internet and, in
The more important than others in driving value Vivaldi Partners
everyday social lives. particular, the rise of the social web’s forms for companies.
2 3
 Executive Summary
AFFILIA
ATION

„ Social currency is the extent to which people share the brand or information about the brand
as part of their everyday social lives at work or
o at home
IDENTITY CONVERSATION
„ Our study shows that social currency significantly drives brand loyalty. Moreover, brands
with a high social currency command a price premium
SOC
CIAL „ Social currency is a means not the end and ne either is it just about buzz or conversation,
CURR
RENCY rather it is about creating meaningful experie
ences around the brand

„ Which of the six levers on the left are key to effectively

e create social currency varies between
INFORMATION UTILITY categories and their specific customer, consu umer and competitive context

„ The successful brands in our study strive to be

b an integral part of people’s daily lives by
enabling them to connect, interact and beneffit from like-minded brand users
ADVOCACY „ The good news: the study shows that a set off key principles emerge that help companies to
build, nurture and manage social currency an
nd create value
4 5
 PHOTOGRAPHY BY ESCHIPUL/FLICKR

This craving for commun ity is the chief misery

of ev
very man individual ly and all humanity
y
from the beginning of t ime.
Fyodor M.
M Dostoyevsk
ky 1881
ky,

6 7
 PHOTOGRAPHY BY NASA

Why brands need Hence, all companies need to learn how to

make their brands more social, and how to
In order to manage social currency, com-
panies must adopt new approaches and
social currency interact in new ways with their customers. In tools. If the traditional model of brand
short, they need to develop social currency. marketing was centered around the key
AFFILIATION Brands represent significant assets for principles of positioning, targeting, and
Having social currency increases a brand’s
companies. The strength of brands is closely messaging, the model of building social
engagement
g g with consumers and interaction
li k d tto severall well-known
linked ll k assett dimen-
di currency isi centered d on iinteraction,
i colla-
ll
with customers, it grants access to infor-
IDENTITY CONVERSATION sions that drive the relationships with boration, conversation, and co-creation. If
mation and knowledge, it helps companies
customers or consumers. brands used to be built through creating
to create unique brand identities, and it
SOCIAL Because of the increasing social nature of
mindshare, the new model of building social
develops permission to interact with con-
CURRENCY Internet and mobile technologies, con- sumers or customers. In today’s age, buil-
currency is about creating share of daily
life.
sumers and customers adopt these tech- ding social currency is probably the most
INFORMATION UTILITY
nologies and platforms and integrate them important investment companies can make Companies who adopt the new processes
into their daily life routines and contexts. to create value for themselves. Consumers and tools in building social currency will
ADVOCACY
This also changes how they interact in all and customers will benefit as well as they prosper in today’s age of digital and social
parts of life with people, products, brands, increasingly participate in social platforms, revolution and have a chance of creating
and businesses. and use social technologies. new levels of business performance.
8 9
 PHOTOGRAPHY BY JURVETSON/FLICKR

How social increasingly covers the range of experiences

on how consumers interact with brands,
By that social currency is not a new pheno-
menon. Brand building has always been
Many of these social media are actively used
today by major brands to strengthen the
currency products and companies from traditional to about establishing deep relationships with customer service, introduce or co-create
develops in digital experiences. customers or consumers and share their new products and entertain people.

daily life Social Currency is neither a product feature,

experiences with friends and peers – their
everyday social environment.
In addition, there are thousands of small
nor a communications or PR campaign that networks, forums and blogs that are not
Social currency of a brand develops organ-
is completely managed by any one company. However, especially with the development of steered by the brands themselves, but still
ically in the network of people – consumers,
social platforms on the Internet, which has are important in creating social currency.
customers, suppliers, partners. From this perspective, social currency is a
become a major sharing and connecting
far more delicate asset to build, nurture and Today, building of social currency takes
Social currency is not a communications point, social currency has become a real
maintain than is brand equity. Traditional many forms, some of them being supported
approach, it is an experiential concept. It source of strength for many brands.
brand management has been a successful by digital applications, others are non-
develops
p from experiences
p that consumers
di
driver for
f many b brands.
d Many
M off the
th TTop JJustt as major
j services
i lik
like Facebook,
F b k Twitter,
T itt di it l experiences
digital i iin th
the d
daily
il life
lif off con-
have in the context of their daily life.
1000 global brands have grown over the last or MySpace have become means for sumers. Some experiences are supported by
Hence, context matters. Understanding twenty years. All these brands derive everyday personal exchange, brands have applications and tools of companies and
social currency requires to understand how strength from deep relationships and grown in that space as information and others are self-created by customers and
the context of daily life changes and interactions with customers or consumers. experiences about brands are being shared. consumers.
10 11
 PHOTOGRAPHY BY DJWHELAN/FLICKR

Social currency: Impact of social

a shared domain currency on brand
of brands and performance
consumers
Social
S i l currency represents
t a shared
h d assett off Our study
O d shows
h that
h sociali l currency
consumers and company-owned brands. It significantly impacts different aspects of brand
Brand Price
originates from interaction between customers Social performance:
Currency Loyalty Premium
and consumers.

However, companies can stimulate the creation

1. Across categories and brands, 53% of exp. power correlation
of social currency through means that cultivate 53%
53 73%
73
consumers’ brand loyalty can be explained
consumers
a sense of community, strengthen consumer
by social currency
interaction and provide value to the com-
Social
munity. When done credibly brands earn trust Brand Consumer 2. Users of brands with high social currency Currency
and can grow into an integral, almost symbiotic show a significantly higher willingness to
role in customers’ lives. pay a price premium (correlation=0.73).
12 Source: Vivaldi Partners Research based on regression analyses of brand loyalty on social currency levers 13
 Affiliation 49 Conversa
ation 72
What share of your userss has a What share
e of your brand users
sense off community?
i ? 2
27 recognizes
i s andd stirs
i buzz?
b ? 49
9

AFFILIA ATION

IDENTITY CONVERSATION

Identity 477 SOC CIAL Utility 63

How many of your users can CURR RENCY How many derive value from
identify with other users? 43
3 g with other users?
interacting 50

INFORMATION UTILITY

ADVO OCACY

Information 35 Advocacy 6
64
How many feel they exchange How many act as disciplles and
fruitful information with others? 22
2 stand up for your brand?? 38

14 Source: Vivaldi Partners social currency survey December 2009, Exemplary results for selected brands and categories
c 15
 categories seem to be less dependent on food). Such activities will then directly drive
How social providing a strong sense of community or re-purchase or repeated visits respectively.
currency relying on the user-base to exchange news,
In contrast, consumer brands in the IT
creates value hints or other information.
category, like Apple or Microsoft need to
in categories For example,
example categories like fast food or efficiently address most levers as complexity
beer rely less on strong affiliation amongst of products implicitly leads to higher
Although social currency consists of six core their users but can still tap into social exchange levels and especially tangible
levers, a brand does not necessarily need to currency by helping users to learn from each products are providing today’s light houses
access each lever in order to drive loyalty other (beer) or by strengthening the to convey one’s personality traits just like
and top line growth. Instead, certain identification levels with other patrons (fast automobiles have for the last century.

Impact of social currency levers on

brand loyalty within selected categories Affiliation Conversation Utility Advocacy Information Identity

AUTOMOTIVE (VOLUME)
AIRLINES
BEER
SKIN CARE
FAST FOOD
SPORTSWEAR
ONLINE RETAIL
CONSUMER IT
B2B TECH

PHOTOGRAPHY BY PHILLIE CASABLANCA/FLICKR

Source: Vivaldi Partners Research based on regression analyses of brand loyalty on social currency levers 17
 Find out if 3. Customers or consumers are willing to
tell others about your brand or
brand. You can create value for your
brand and business by reinforcing the
social currency recommend it further. This advocacy for identity-driving elements of your brand.
is important your brand is one of the key value
6. The value of your brand is closely related
for you drivers.
t th
to the affiliation
ffili ti andd sense off com-
4. The more information customers or munity it creates among other like-
consumers have about your product or minded people. You can create value
If you agree to some of the following service, the more likely they develop by promoting the community and
statements, it is very likely that social preferences for your brand or business. building
currency is an important driver for your By helping consumers to become exchange
»WHERE IN THE LATE L
business and brand.
brand “knowledgeable
knowledgeable,” you empower them to opportu- 1700'S IT WAS MI RRORS,
,
share their knowledge with others. nities. NAILS AND BUTTO ONS –
IN THE 21ST CENTURY
1. Some of your customers or consumers All brands
proactively talk about your products and and busi-
THE SHINY OBJECTS ARE
services with others. By engaging in »SOCIAL CURRENCY IS nesses need ACCESS, ENTERTAINMENT
these conversations, you can stimulate LIKE A GOOD JOKE […] a social AND KUDOS« «
f th conversations
further ti and
d di
discussions
i USING CONTENT […]
[ ] IN strategy.
t t If
MARK SAGE
by for example providing additional ORDER TO LUBRICATE A you can affir-
talking points, perspectives and points matively respond to three or more of the six
SOCIAL OCCASION«
of view. statements, your opportunities for building
RUSS KLEIN value through social currency are
2. The social exchange with others
enormous.
involving your brand is an integral part
of peoples’ lives. This exchange If you would agree on less statements, you
provides an opportunity for you to build 5. Customers or consumers must carefully evaluate the hidden potential
invaluable utility for customers or develop a strong sense of of social currency for your brand and
consumers by helping them to increase identity and an ability to express business. You might choose to focus on just
their own social relevance, for example. themselves to others by using your one or two levers of social currency.
18 5
PHOTOGRAPHY BY TIBCHRIS/FLICKR
 How jetBlue In our study, jetBlue turns out as a role
model for the entire airline category. With a
are part of a community through the brand.
Not surprisingly, trust with the brand is very
enables a social currency score as high as 65% it out- high (See CHART 1).
strong sense of performs legacy carriers such as American
The deep integration in the company’s
community Airlines (48%) or Delta (37%). Only Virgin
and Southwest Airlines can keep pace with
strategy
t t may bbe ill
illustrated
t t db by th
the new
jetBlue terminal at New York’s JFK airport.
jetBlue’s performance in the social arena.
Rather than constructing a merely functional
At first sight, the airline industry seems to Diving deep into the specific characteristics terminal for departures and arrivals, focus
be, by definition, a social category. There of the different airlines’ customer bases we was laid on human interaction. The waiting
are not many brands that could claim have found a specific social trait to jetBlue area mimics New York City landmarks, such
b i i together
bringing t th thousands
th d off people
l iin that no other airline can claim to this extent: as the steps of the Metropolitan Museum of
NES

one place every day. Airline brands can. A close-knit customer community. First, the Art, where travellers can exchange with
majority of jetBlue customers can identify each other physically or virtually. In addition
But does this given trait of mass transpor-
well with other jetBlue customers. More- to capturing the hustle and bustle of NYC,
tation allow airline brands to get a head
over, 61% of jetBlue customers feel like they the terminal creates a community feeling.
start over brands in other categories in
terms of social currency?
RLIN

AIRLINES: SOCIAL POTENTIAL IS TAPPED RARELY

After all, most of the social encounters
around air traveling would seem rather
CHART 1 CHART 2
fugitive and random to many.
“I could rely on this brand to solve
On the other hand, airlines have been any problems”
known as early pioneers in creating and
Sense of community
61%
AIR

nurturing customer communities via

frequent flyer and other loyalty programs.
Trust in brand 78%
Hence, studying social currency in the 84%
context of airline brands promises to be an
0% 10%20%30%40%50%60%70%80%90%
interesting and worthwhile trip to take.
Source: Vivaldi Partners social currency survey, Average Top2-Box-Scores on a 5 point scale across beer categgory 21
 CATEGORY RANKING SOCIAL CURRENCY LEVERS

# Brand Social Currency Affiliation Conversation Utility Advocacy Information Identity

1 JETBLUE 65% 67% 72% 51% 75% 55% 69%

2 VIRGIN 58% 57% 62% 52% 63% 57% 57%
3 SOUTHWEST 54% 50% 64% 41% 72% 44% 53%
4 CONTINENTAL 53% 52% 55% 41% 69% 45% 59%
5 AMERICAN AIRLINES 48% 49% 48% 39% 53% 47% 52%
6 UNITED 42% 41% 41% 33% 49% 42% 44%
NES

7 DELTA 37% 41% 41% 26% 41% 33% 40%

SOCIAL CURRENCY MAP BRAND PERFORMANCE INDICATO

ORS
RLIN

CONTINENTTAL
SOUTHWESST
AMERICAN

JETBLUE
UNITED

VIRGIN
DELTA
high

Quality Perception 50 60 70 80 90 100

CONTINENTAL

SOUTHWEST
D LOYALTY

AMERICAN

JETBLUE
UNITED

VIRGIN
DELTA
Brand Trust 50 60 70 80 90 100
AIR

BRAND

CONTINENTAL

SOUTHWEST
AMERICAN

JETBLUE
UNITED

VIRGIN
DELTA
SOCIAL CURRENCY high Recommendation 50 60 70 80 90 100

Source: Vivaldi Partners social currency survey, Top2-Box-Scores on a 5 point scale 23

 How social BMW drivers form an exceptional example
for a perceived community experience as
Honda for example, despite performing
weak on trust (71%), has highly loyal users
currency sets two third feel a strong affiliation with other who actively act as brand ambassadors and
premium brands
TIVEE

BMW owners. who directly draw value as individuals from

further apart LLuxury makes

k show
h significantly
i ifi tl higher
hi h
the exchange with other Honda owners
(35%) – see CHART 1.
social currency levels in general, implying
The automotive industry can be divided into that, with buying a car, drivers seek to not Ford, in contrast, seems to merely form
major categories by two dimensions: only enter a social peer group but also to identification levels between its drivers
domestic vs. imported makes and volume grow as an individual by becoming an active through its heritage but can not extend that
MOT

vs. luxury brands. Interestingly, especially member. social belonging to also generate a strong
the latter dimension also shows an effect in community-feeling (see CHART 2).2)
Investigating individual brands more
terms of their social currency systems. closely, it becomes obvious that also volume Especially for a domestic brand this should
As high-involvement products, automobiles makes can utilize social currency levers to be a key objective as this also affects
offer a continuous platform for conversation provide an additional selling proposition. recommendation levels.
TOM

to both, volume and premium car owners.

Further, identification with other owners is
quite
it high
hi h iindependent
d d t off th
the segment.
t AUTOMOTIVE: VOLUME MAKES COMPETE ON SOCIAL
However, premium make drivers show a
CHART 1 CHART 2
much stronger sense of their brand’s
community. In that context peer recognition “Through other users of this brand Identity Affiliation
I get valuable information”
becomes key whilst gaining valuable
48% 37%
AUT

information around the brand itself through

others has less effects on re-purchase 40%
decisions. Inversely, volume brand drivers
show a lower need to affiliate with others,
35% 20%

but appreciate the value they can sift by 0%

learning from other drivers.

Source: Vivaldi Partners social currency survey, US Pre-Recall (December 2009) and Post-Recall (February 20010), Top2-Box-Scores on a 5 point scale 25
 T: TOYOTA
How Toyota Toyota faced challenges in accessing these
value drivers in an American market; it had
benefits than the erosion on its quality
image.
suffered from to compete against Ford’s clear Americana
Fewer Toyota owners draw
the gas pedal
TIVEE

association or the exclusivity offers of luxury

value from being a member
recall brands such as BMW or Ferrari.
off th
the TToyota
t community
it
NAPSHOT
Against these challenges, Toyota managed now. Moreover, less than a
to provide a large share of their owner-base third would want to identify themselves
No surprise – Toyota’s recently admitted with a brand experience that successfully with other Toyota owners – a drop of 19%!
quality problems heavily shifted owners’ made them identify with and feel united to
This clearly raises another issue on the CEO
MOT

brand perception. other Toyota owners. They earned social

agenda: For Toyota, renovating its brand’s
SN

currency - an effort which served as a

After all, quality had been the essence of social currency will be just as crucial as
safeguard against competition from other
the Toyota brand for the last two decades. returning to six-sigma standards in
Asian makes.
Before the news on malfunctioning gas production.
pedals surfaced, nearly every Toyota driver However, now, after the recall, Toyota faces
TOM

would fully agree on Toyota’s exceptional a relatively worse decline in providing social
quality levels and reliability of its cars. Just
a few
f weeks k llater
t ththese scores ddropped d TOYOTA DRIVERS: PRE
PRE-POST-
POST RECALL
dramatically.
l Quality perception wears away
In an instant long-built brand equity had
been eroded. Why? Very good quality FROM 96% DOWN 16v TO 80%
Automobiles not only offer functional value Reliability FROM 92% DOWN 19v TO 73%
AUT

but also, by virtue of the fact that they

provide an important opportunity for a
person to convey his or her identity, have
l Social bonding erodes relatively worse:
always been very social products. Affiliation (with other drivers) FROM 29% DOWN 8v TO 21%
Identity (through other drivers) FROM 46% DOWN 19v TO 28%
Source: Vivaldi Partners social currency survey, US Pre-Recall (December 2009) and Post-Recall (February 20010), Top2-Box-Scores on a 5 point scale 27
 CATEGORY RANKING SOCIAL CURRENCY LEVERS
TIVEE

# Brand Social Currency Affiliation Conversation Utility Advocacy Information Identity

1 BMW 69% 65% 81% 59% 77% 65% 70%

2 MERCEDES 68% 60% 76% 57% 81% 62% 72%
3 LEXUS 66% 63% 75% 53% 76% 66% 65%
4 HONDA 54% 42% 67% 41% 75% 48% 52%
MOT

5 TOYOTA* 45% 29% 66% 29% 69% 29% 46%

6 FORD 44% 37% 49% 33% 46% 48% 48%
* Data presented in the tables on this page prior to re-call 2009/10

SOCIAL CURRENCY MAP BRAND PERFORMANCE INDICATORS

TOM

MERCEDES
TOYOTA
HONDA
LEXUS
FORD
high

BMW
Quality Perception 50 60 70 80 90 100
D LOYALTY

MERCEDES
TOYOTA
HONDA

LEXUS
FORD
BMW
AUT

Brand Trust 50 60 70 80 90 100

BRAND

MERCEDES
TOYOTA

HONDA
LEXUS
FORD

BMW
SOCIAL CURRENCY high Recommendation 50 60 70 80 90 100

Source: Vivaldi Partners social currency survey, Top2-Box-Scores on a 5 point scale 29

 Why big beer observed with niche brands, like Sam
Adams or even Irish Guinness.
packaging innovations, like vented wide-
mouth cans, temperature-linked packaging.
brands carry a They provide their consumers with a product However, market-leading Budweiser proves
social handicap that not only stirs communication but even that there is a way to access social currency
h the
has th ability
bilit to
t form
f communities
iti and d b
beyond d th
the niche.
i h Anheuser
A h B h’ b
Busch’s brand
d
provide a strong feeling of identification managers heavily invested especially in
with other drinkers of the same brand social media to generate more buzz and
Beer is an unarguably social product,
(see CHART 2). affiliation around »Bud«.
regularly consumed in a social context.
Further, beer brands on average enjoy well Instead of providing a unique story around However, the case also shows, that they did
above average quality and trust levels (see their brand, mass market brands instead not succeed completely. Such undertakings
CHART 1). seem to have, at the expense of their social need to be based on a consistent strategy
currency values, focused too heavily on and clearly be linked to a brand’s values.
Given its consumption context and its also
developing their product strengths: mar- Still, there is ways for volume brands in the
strong loyalty scores, one would expect that
ginal, but socially irrelevant product and beer category to create social currency.
beer brands should be able to leverage their
social nature. However, this only proves to
be the case for niche brands. BEER: STRONG POTENTIAL,
POTENTIAL BUT UNFOCUSED ENERGY
In a mass-market setting, beer is about
commoditized consumption, not about CHART 1 CHART 2
BEEER

nursing a community feeling of consumers Quality Trust “I feel a connection to other users
of the same brand. of this brand”
Where mass brands like Corona, Coors, or
89% 86%
Miller are struggling, however, is when it
comes to a dialog about the brand. Ob-
viously people are enjoying the taste but do
not feel inclined to discuss their beer
47 57
brands. A different usage pattern can be
Source: Vivaldi Partners social currency survey, Average Top2-Box-Scores on a 5 point scale across beer cateegory 31
 CATEGORY RANKING SOCIAL CURRENCY LEVERS

# Brand Social Currency Affiliation Conversation Utility Advocacy Information Identity

1 SAM ADAMS 53% 47% 57% 45% 66% 45% 55%

2 GUINNESS 51% 50% 55% 42% 59% 48% 51%
3 HEINEKEN 47% 46% 54% 37% 60% 38% 46%
4 BUDWEISER 43% 45% 48% 32% 54% 35% 46%
5 COORS 36% 33% 39% 31% 41% 28% 44%
6 CORONA 33% 28% 38% 21% 44% 29% 37%
7 MILLER 28% 28% 26% 13% 44% 23% 36%

SOCIAL CURRENCY MAP BRAND PERFORMANCE INDICATO

ORS

MS

BUDWEISERR
SAM ADAM

GUINNESS
HEINEKEN
CORONA
COORS

MILLER
high

Quality Perception 50 60 70 80 90 100

BEEER

SAM ADAMS

BUDWEISER
D LOYALTY

GUINNESS
HEINEKEN

CORONA
COORS
MILLER
Brand Trust 50 60 70 80 90 100
BRAND

SAM ADAMS

BUDWEISER
GUINNESS
HEINEKEN
CORONA
COORS

MILLER
SOCIAL CURRENCY high Recommendation 50 60 70 80 90 100

Source: Vivaldi Partners social currency survey, Top2-Box-Scores on a 5 point scale 33

 Why buzz alone companies in our study (21% - see CHART 1).
This is really curious given the buzz the
The result: Burger King turns out last place.
Only 20% of Burger King customers think
w
will not build brand has generated through its social that they get to learn something new
social currency media efforts around the scary looking King through the community (See CHART 2).
and the award
award-winning
winning subservient chicken Similar poor results for the quality of
campaign. information being shared and the appre-
Fast food represents a category with excep- ciation of others’ opinions.
What the results of our study suggest is:
tional consumer polarization. When it comes
online buzz does not equal conversational Overall, Burger King’s social media efforts
OD

to choosing their favorite brand, fast food

value to customers. Only if conversations seem to have targeted too narrow of a target
patrons very quickly form distinct camps of
are meaningful to customers, brands will group neglecting the social needs of its
clear supporters and critics. Virtually any-
profit from increased social currency among broader customer base
base.
ST FFOO

one with a minimum of fast food dining

their customer base.
experience will know an immediate answer The brand may have created conversation
to the question: »Burger King or Digging deeper, we have studied the extent that stayed “meaningless” both to the
McDonalds?«. to which whatever is said, the buzz, is majority of customers as well as to the
relevant to customers of a brand. brand itself.
Hence, every fast food brand has its own
communityy of p
patrons that regularly
g y FAST FOOD: BUZZ DOES NOT EQUAL SOCIAL CURRENCY
consume, talk about or even defend the
brand.
CHART 1 CHART 2

Also, similar to the beer category fast food “Through other users of this brand I get
Social Currency Scores
brands are clearly social-driven, as con- to learn something new”
sumption patterns are often embedded into
FAS

a broader social setting – meeting up with

friends, having a snack with co-workers or
20%
similar.
21 30 44%
However, in terms of social currency, Burger
King scores lowest overall of all fast food
Source: Vivaldi Partners social currency survey, Average Top2-Box-Scores on a 5 point scale across beer categgory 35
 CATEGORY RANKING SOCIAL CURRENCY LEVERS

# Brand Social Currency Affiliation Conversation Utility Advocacy Information Identity

1 DUNKIN‘ DONUTS 44%

% 40%
% 50%
% 33%
% 60%
6 % 33%
% 47%
%
2 STARBUCKS 42% 53% 45% 31% 48% 35% 43%
3 KFC 30% 25% 38% 19% 45% 23% 31%
OD

4 WENDY‘S 30% 25% 30% 20% 44% 24% 35%

5 PIZZA HUT 30% 26% 37% 15% 46% 19% 35%
6 TACO BELL 28% 22% 37% 18% 44% 18% 28%
ST FFOO

7 MCDONALD‘S 23% 18% 29% 15% 29% 17% 29%

8 BURGER KING 21% 16% 24% 16% 24% 19% 24%

SOCIAL CURRENCY MAP BRAND PERFORMANCE INDICATORS

NG
D‘S
BURGER KIN

STARBUCKS
S
MCDONALD
TACO BELL

PIZZA HUT

WENDY‘S

DUNKIN`
high

KFC
Quality Perception 50 60 70 80 90 100

BURGER KING

MCDONALD‘S
STARBUCKS
D LOYALTY

TACO BELL
PIZZA HUT

WENDY‘S
DUNKIN`

KFC
FAS

Brand Trust 50 60 70 80 90 100

BRAND

BURGER KING
MCDONALD‘S

STARBUCKS
TACO BELL

PIZZA HUT

WENDY‘S
DUNKIN`
KFC
SOCIAL CURRENCY high Recommendation 50 60 70 80 90 100

Source: Vivaldi Partners social currency survey, Top2-Box-Scores on a 5 point scale 37

 Why women love Therefore, it makes most sense to investi-
gate and compare two female-centered
common, challenges. They typecast women
– establishing the basis around which
sharing their brands: Clinique and Dove. women could form micro communities.
thoughts on Clinique has successfully built a strong Volume brand Dove has been praised for its
Clinique communityit feeling
f li around d it
its classical
l i l pre- re-launch
l h aroundd »reall b
beauty«,
t whichhi h h
has
mium positioning. Every second user claims gained them business success and a highly
In the skin care domain, male target groups that she identifies with other Clinique users authentic image. That said, Dove remains
obviously tend to be less talkative about (48%) and engages in conversations around unable to provide a sense of community, as
RE

their skin treatment. the brand (51%) – see CHART 2. In contrast the brand’s buzz is conversation worthy but
to many of today’s brands, Clinique would unsustainable. Additionally, by appealing to
Market leaders like Gillette have not built
not be a typical Web 22.0
0 protagonist.
protagonist every woman,
woman the brand doesndoesn’tt encourage
CAR

significant levels of social currency at all.

Instead it has managed to build social community bonds (e.g. women who use a
Probably due to the functional focus of the
currency by really engaging its consumers specific product for their special skin type).
brand, even their loyal and satisfied (94%)
around its heritage and, importantly, by For Dove to gain social currency, it will have
users do not share experiences or infor-
acknowledging women’s unique, yet to translate real beauty into real community.
mation with each other (only 14% would do
so) – see CHART 1. Very popular and
SKIIN C

f b d that
»fun-brands« th t ttargett a ffocused
d segmentt SKIN CARE: BRANDS AS PLATFORMS FOR ENGAGEMENT
have fared better, however only managing
to create a limited sense of community (e.g. CHART 1 CHART 2

only one out of four Axe users feels “I can identify myself well with
affiliated to others). Satisfied with brand other users of this brand”
Women across all ages, as opposed to men, 94%
tend to seek social exchange regarding this
product category. Skin care remains a much Do share experience
48%
more relevant issue for females and peer-to- 14%
peer distribution concepts like Avon’s are
0% 10% 20% 30% 40% 50% 60% 70% 80% 90%100%
hard to imagine within a male setting.
Source: Vivaldi Partners social currency survey, US Pre-Recall (December 2009) and Post-Recall (February 20010), Top2-Box-Scores on a 5 point scale 39
 CATEGORY RANKING SOCIAL CURRENCY LEVERS

# Brand Social Currency Affiliation Conversation Utility Advocacy Information Identity

1 CLINIQUE 42% 30% 51% 32% 57% 35% 48%

2 AXE 37% 25% 39% 30% 49% 33% 46%
3 AVON 37% 30% 41% 28% 44% 37% 41%
RE

4 DOVE 29% 18% 36% 20% 46% 22% 33%

5 NIVEA 23% 14% 28% 16% 41% 15% 25%
CAR

6 GILLETTE 17% 7% 19% 11% 29% 14% 22%

SOCIAL CURRENCY MAP BRAND PERFORMANCE INDICATORS

SKIIN C

CLINIQUE
GILLETTE
NIVEA
AVON

DOVE
high

AXE
Quality Perception 50 60 70 80 90 100
D LOYALTY

CLINIQUE

GILLETTE
NIVEA
AVON
DOVE
AXE
Brand Trust 50 60 70 80 90 100
BRAND

CLINIQUE
GILLETTE
NIVEA
AVON

DOVE
AXE
SOCIAL CURRENCY high Recommendation 50 60 70 80 90 100

Source: Vivaldi Partners social currency survey, Top2-Box-Scores on a 5 point scale 41

 The sportswear comes first with a social currency score of
50% followed by Sketchers (38%) and
identity (60%) – being important levers to
build social currency in the sportswear
quest for daily
AR
Adidas (38%), the only global power brand category – the brand outperforms its
life relevance to reach a top-3 position. competitors.
WEA

This result
Thi lt comes as a bi
big surprise
i ffrom a Arguably,
A bl Puma’s ’ strategic
i evolution
l i to-
traditional brand equity perspective as wards a lifestyle focus has helped the brand
Community experience lies at the heart of powerhouses such as Nike and Adidas fall to gain extra social currency with consumers
every major sportswear brand. Ever since, behind. However, social currency does not that would not have been accessible for a
iconic brands such as Nike, Adidas or focus on traditional brand equity measures smaller player with a rather narrow
TSW

Reebok have created and promoted com- such as brand awareness. It measures the sportswear focus.
munity sports experiences to the fullest
fullest. social value a brand provides within its own
It also apparently enabled the brand to take
customer base.
In the early 90s, Adidas launched their over a more significant role in consumers’
hugely successful “Streetball Challenge”. Compared to larger brands, Puma seems to daily lives – resulting in increased con-
Similarly, Nike has engaged its brand in have created the biggest social value. versation, affiliation, and identification bet-
numerous sports sponsorships from region- Especially in the areas affiliation (45%) and ween Puma users.
al to global level over the last decades. With
ORT

th rapid
the id emergence off th
the Internet
I t t and
d SPORTSWEAR: BRAND FOCUS IMPACTS SOCIAL CURRENCY
especially the social web in recent years,
major sportswear brands have moved into CHART 1 CHART 2

the online domain to re-connect with con- Social Currency Scores

sumers. Various initiatives such as Nike+ or
SPO

miAdidas have been rolled out to create new Identification with other users
and meaningful experiences for consumers 60%
around their brand. Affiliation with other users

In our study the smaller, fashion-oriented 30 50 45%

sportswear brands take over the lead in 0% 10% 20% 30% 40% 50% 60% 70%
terms of social currency. Puma clearly
Source: Vivaldi Partners social currency survey, Top2-Box-Scores on a 5 point scale 43
 INDUSTRY RANKING SOCIAL CURRENCY LEVERS
AR

# Brand Social Currency Affiliation Conversation Utility Advocacy Information Identity

WEA

1 PUMA 50% 45% 47% 45% 57% 47% 60%

2 SKETCHERS 38% 27% 43% 30% 54% 33% 43%
3 ADIDAS 38% 29% 41% 32% 47% 28% 49%
4 REEBOK 34% 27% 43% 22% 53% 26% 35%
TSW

5 NIKE 30% 21% 31% 25% 36% 26% 38%

6 NEW BALANCE 29% 21% 37% 23% 45% 16% 31%

SOCIAL CURRENCY MAP BRAND PERFORMANCE INDICATORS

ORT

CE
RS

N. BALANC
SKETCHER

REEBOK

ADIDAS
PUMA
high

NIKE
Quality Perception 50 60 70 80 90 100

N. BALANCE
SKETCHERS
D LOYALTY

REEBOK
ADIDAS
SPO

PUMA
NIKE
Brand Trust 50 60 70 80 90 100
BRAND

N. BALANCE
SKETCHERS
REEBOK

ADIDAS
PUMA
NIKE
SOCIAL CURRENCY high Recommendation 50 60 70 80 90 100

Source: Vivaldi Partners social currency survey, Top2-Box-Scores on a 5 point scale 45

 Why Amazon is a Amazon’s review system does not en- that they “learn something new or fun”
AIL
courage users to connect with one another. through other eBay users (see CHART 2).
retail success Therefore, it is no surprise that Amazon
Apple’s iTunes in return has woven itself in a
but no social customers do not have a strong sense of
different way into its users lives. Beyond the
ONLLINE RETA

star community or affiliation (Amazon 31% vs.

eBay 44% – see CHART 1).
mostt probable
b bl AApple
l HHalo
l effect,
ff t iT
iTunes also
l
managed to change the listening habits and
Positive conversations are powerful tools, the management of music and thereby the
Perhaps as a consequence of today’s
but these can be maximized, as seen with life around it.
information overload, customers especially
eBay’s personal messaging system, to
appreciate relevant information. Under- Providing such values beyond the Apple-
encourage users to view each other as
standably, online categories, where infor- typical lock-in, this led to a high degree of
reliable sources of information (Amazon
mation is exchanged frequently, perform advocacy and conversation not only about
47% vs. eBay 58%).
well within the information lever. music but about the application that en-
eBay has even managed to build a customer abled this new way of purchasing and
But merely being information rich is not the
base – a community, rather – which believes constantly accessing the tunes.
only critical success factor for social
currency, as the cases of Amazon and eBay
show. Amazon’s revenues might g putp it ONLINE RETAIL: SOCIAL VALUE STEMS FROM INTERACTION
ahead of eBay’s game, but concerning
overall social currency, it trails (Amazon
CHART 1 CHART 2
42% vs. eBay 50%).
Brand users that feel like “Through other users of this brand
Not to deny Amazon’s strengths, it does being part of a community I get to learn something new or fun”
seem to be able to inspire more positive
conversation amongst its customers (46%
ƒ 31/44
31%
vs. eBay 37%).

However, it is challenged when it comes to

44% 43%
elevating these conversations into a more 0% 10% 20% 30% 40% 50%
sustainable sense of community.
Source: Vivaldi Partners social currency survey, US Pre-Recall (December 2009) and Post-Recall (February 20010), Top2-Box-Scores on a 5 point scale 47
 AIL
CATEGORY RANKING SOCIAL CURRENCY LEVERS

# Brand Social Currency Affiliation Conversation Utility Advocacy Information Identity

ONLLINE RETA

1 ITUNES 53% 45% 62% 43% 61% 55% 51%

2 EBAY 50% 49% 51% 35% 60% 58% 50%
3 AMAZON 42% 27% 56% 32% 51% 47% 41%

SOCIAL CURRENCY MAP BRAND PERFORMANCE INDICATORS

AMAZON
ITUNES
high

EBAY
Quality Perception 50 60 70 80 90 100
D LOYALTY

AMAZON
ITUNES
EBAY
Brand Trust 50 60 70 80 90 100
BRAND

AMAZON
ITUNES
EBAY
SOCIAL CURRENCY high Recommendation 50 60 70 80 90 100

Source: Vivaldi Partners social currency survey, Top2-Box-Scores on a 5 point scale 49

 How today’s quality and trustworthiness, it has not con-
quered on social currency yet. With a social
Apple’s heritage lies in the product domain,
usability, design, and last not least an uni-
titans fight
UMEER IIT
currency score of 38% it lags far behind the quely loyal base of users. Its core is about
for social category leader Apple (63%) and even being a desirable part of people's lives, a

currency Microsoft (41%) – see CHART 1. part people love to talk about or feel con
con-
nected through little branded experiences
It remains a digital tool that is being used
(white headphones).
Within the TIME industry, consumers are on a global basis over 200 million times a
increasingly overwhelmed by the ongoing day. However, it is not viewed as a social Apple has never strived to be the best
convergence of the offerings. The arising product so far. Google has just recently hammer. The iPod for example has never
opportunities oftentimes are not only started to enter this field (e.g. Nexus or guaranteed a true HiFi-experience, but it
exciting but also very complex.
complex An historical Google Buzz).
Buzz) Google is beloved,
beloved admired - guaranteed a social experience more than
and manufacturer-driven uni-directional but not a very much social product. It is a any higher quality player. This may explain,
Q&A logic can hardly cover the endless reliable helper, but not a partner one would why Google as future Apple competitor has
angles services or products offer today. have a dear relationship with or exchange been launching various activities to build
about with others – see CHART 2. social currency now.
Instead, studies show that consumers seem
NSU

to increasingly trust even anonymous peers

more than
th ththe respective
ti b
brand.
d CONSUMER IT: MERE USAGE DOES NOT BREED SOCIAL VALUE
This is the sandbox, where three major
CHART 1 CHART 2
brands and corporations are fighting for
market share – constantly growing their Social Currency Scores “I often talk about this brand”
portfolio into each others’ former domains.
CON

May it be Microsoft pushing Bing or their

smart phone operating system, or Google
entering the mobile device domain, or
63 38 29%
Apple, who have become a major mobile
device manufacturer and media distributor.
Interestingly, although Google strikes on its
Source: Vivaldi Partners social currency survey, Top2-Box-Scores on a 5 point scale 51
 INDUSTRY RANKING SOCIAL CURRENCY LEVERS
UMEER IIT

# Brand Social Currency Affiliation Conversation Utility Advocacy Information Identity

1 APPLE 63% 56% 77% 52% 64% 64% 65%

2 MICROSOFT 41% 31% 43% 44% 42% 49% 40%
3 GOOGLE 38% 31% 47% 31% 38% 49% 35%

SOCIAL CURRENCY MAP BRAND PERFORMANCE INDICATO

ORS
NSU

MICROSOFTT

GOOGLE

APPLE
high

Quality Perception 50 60 70 80 90 100

MICROSOFT
D LOYALTY

GOOGLE
APPLE
CON

Brand Trust 50 60 70 80 90 100

BRAND

MICROSOFT
GOOGLE

APPLE
SOCIAL CURRENCY high Recommendation 50 60 70 80 90 100

Source: Vivaldi Partners social currency survey, Top2-Box-Scores on a 5 point scale 53

 How even B2B Yet, there is widespread acceptance today
that also B2B companies need to build and
43% of SAP customers hear a lot of positive
things about the brand from people they
brands are nurture brand equity in order to stay know (56% Oracle). 41% of SAP customers
competing on competitive. Looking at the two tech giants even think that they get valuable infor-

social grounds Oracle and SAP our study indicates that

social currency can help B2B brands to
mation from other users (53% Oracle). Also
brand advocacy among SAP customers is
strengthen their top-line by creating social high at 47% (see CHART 2) - only a few
When building brands in B2B markets, the
relevance among their customer base. points behind best-in-class Oracle (55%).
preconditions vary vastly from the ones B2C
brands are facing. Not only are B2B offer- Oracle clearly leads in terms of overall These positive indicators prove that the SAP
ings far more complex but generally B2B social currency (61% - see CHART 1). The brand has the potential to leverage its
brands also do have smaller numbers of brand creates very high levels of identity existing social currency among its customer
B TEECH

customers which in turn have a much (62%) and affiliation (65%) among its US base. Hence, it will be crucial for SAP to
greater buying power over supplier brands. customer base. Yet, also the runner-up identify and implement the right measures
brand SAP has strong potential to leverage to build further social currency and by that
This is why B2B brands have always spent
the intense interaction among its user base. strengthen brand success in the US market.
significant budgets and time to build up and
nurture direct, personal and mutual rela-
ti
tionships
hi with
ith th
their
i customers.
t B2B TECH: GIANTS THAT CREATE SOCIAL RELEVANCE
However, B2B investment decisions are not
CHART 1 CHART 2
made by individuals. Purchase decisions in
B2B contexts are rather co-created by a Social Currency Scores
multitude of actors (buying centers) based
B2B

Positive conversation
on rationalized, multi-staged evaluation
processes on customer side. This may be
43%
Brand Advocacy
the reason why many B2B players have
considered their brand as door-opener 61 50 47%
rather than crucial selling point for a long 0% 10% 20% 30% 40% 50%
time.
Source: Vivaldi Partners social currency survey, Top2-Box-Scores on a 5 point scale 55
 CATEGORY RANKING SOCIAL CURRENCY LEVERS

# Brand Social Currency Affiliation Conversation Utility Advocacy Information Identity

1 ORACLE 61% 65% 57% 63% 55% 67% 62%

2 SAP 50% 48% 53% 50% 47% 52% 47%
3 IBM 47% 44% 48% 44% 45% 55% 46%
4 CISCO 43% 29% 39% 49% 43% 51% 45%
5 HEWLETT-PACKARD
HEWLETT PACKARD 40% 29% 47% 37% 51% 42% 33%
B TEECH

SOCIAL CURRENCY MAP BRAND PERFORMANCE INDICATORS

ORACLE
CISCO
high

SAP

IBM
HP
Quality Perception 50 60 70 80 90 100
D LOYALTY

ORACLE

CISCO
SAP

IBM
B2B

HP
Brand Trust 50 60 70 80 90 100
BRAND

ORACLE
CISCO
SAP

IBM

HP
SOCIAL CURRENCY high Recommendation 50 60 70 80 90 100

Source: Vivaldi Partners social currency survey, Top2-Box-Scores on a 5 point scale 57

 and proactively discussed than ever imag-
How to manage Our research identifies the relative impor-
tance of six levers of social currency that ined. As these conversations are often
social currency contribute most to building strong brands beyond the direct influence or control of a
and connecting them with people. The company, marketers must find innovative
importance of these levers differs greatly and creative waysy to thoughtfully
g y leverage
g
Brands need social currency. Social depending on a host of important factors these independent brand conversation and
currency is an enormously important issue such as the type of industry, the nature of act credibly in the digital arena.
for any business or strong brand, today. competition and brand strength. While the task of building social currency
It creates value through differentiation and It is imperative to marketers to build a social appears daunting, there is good news. Our
increased relevance and it adds value currency strategy that takes into con- experience shows that social currency can
beyond the product
product, namely the context of sideration their specific business and brand be managed following a structured ap ap-
the daily life of people. situation. Our research shows that a value- proach, that is supported through proven
creating program involves a carefully de- and dedicated tools from gaining insights to
Our research shows that the use of social
signed mix of digital (or social media) providing a unique brand experience.
media, networks, and technologies in
efforts, online experiences in networks,
managing private lives, careers, hobbies
and personal interests, as well as lives at
traditional brand-building, and even product »Marketing leaders
work
k is
i accelerating
l ti att a rapid id pace.
development
e e op e t e efforts.
o ts. should identify whether
T
Today’s digital technologies open up new their brand has such
Marketers must understand how people
and enormously exciting opportunities for currency, invest more
engage with these new ways of connecting,
collaborating and co-creating. These new
building social currency. While there has in building strong con-
ways change the way consumers make
been a plethora of experimentation over the nections between cus-
y
years, it is clear that we have merely tomers and the brand«
choices about brands and businesses.
scratched the tip of the iceberg.
iceberg As tech-
Consumers proactively engage in certain FORRESTER
nologies evolve, new ways will emerge of
conversations about brands and their lives,
how social currency can be built over time.
they choose to advocate and recommend
certain brands over others, and they identify T big conundrum for marketers is that in
The
and bond with brands more deliberately. an online world, brands are far more broadly
58 PHOTOGRAPHY BY ICHAZ/FLICKR
 T
There are four crucial steps for building, choosing, it is important to take into
nurturing and managing social currency: consideration that there is no single lever
that drives social currency but it is the
STEP ONE. Understand the buyers’ unique combination of levers activated
ecosystem. It is important to comprehen- through brilliant executions that makes for
sively know how people set daily goals or »YOUTH DON’T CARE successful social currency building.
life goals, the processes they engage in to IF IT’S TECHNOLOGY,
Social currency can be managed. We don’t
achieve the goals, the products and services SOCIAL MEDIA OR A
agree with the conventional wisdom that
they use and how they interact with brands. PACKET OF CIGARETTES customers or consumers are in charge. Our
Social technologies and networks play an
AS LONG research shows that people embrace com-
increasingly important role in this context.
AS IT DELIVERS panies to help them solve their issues and
People proactively participate, they connect,
co-create, share, chat, and collaborate to
SOCIAL CURRENCY« challenges in daily life.

solve the challenges and issues in the GRAHAM BROWN They like marketers to provide them with
context of their daily life. meaningful solutions to take care of the
STEP THREE. Define the social currency problems, challenges and routine tasks of
STEP TWO. Determine the levers of social
strategy. This involves first and foremost life.
currency that drive value in the industry or
d idi what
deciding h t levers
l off social
i l currency will
ill
category. It is important to assess and In order to address these challenges,
create value for a company or brand.
evaluate the permission and power of social companies need to embrace social tech-
Strategy is about making trade-offs and
currency within the category or industry. It is nologies, networks and media not merely as
hence it is important to choose wisely and
necessary to understand in what social a means of marketing or communicating to
define the activities that contribute to value
episodes and context the brand plays a role consumers but as a way of doing business.
creation through social currency.
and what specific social benefit it generates. Companies need to reengineer their pro-
Competitive
i i efforts
ff matter as well, ll as our STEP FOUR. Develop and execute social cesses and systems inside their organi-
study shows. The degree to which con- currency programs that drives value. This zation based on a view from the outside-in –
sumers choose to give a brand permission requires establishing a program that mixes how people interact with brands in today’s
to be part of their social life is relative to digital and social technologies and context of social networks, media and
competitors’ effort and success. traditional brand-building activities. In technologies.

PHOTOGRAPHY BY ICHAZ/FLICKR
61
 PHOTOGRAPHY BY MICHAEL CLARKE STUFF/FLICKR

STRATEGY BRAND COMMUNICATION R&D SALES HR

Building social currency is establishing an By adopting the four-step effort, companies

CORPORATE STRAT.

CUSTOMER BOARD

OPEN INNOVATION

CULTURAL VALUES
BUSINESS MODEL
SOCIAL FEATURES
PRODUCT DESIGN
operating mindset in an organization that can decide whether they should invest in

CUSTOMER CLUB
BRAND IDENTITY
M&A STRATEGY

SOCIAL MEDIA

EDUTAINMENT
CO-BRANDING

HR TRAININGS
MOBILE APPS
SPONSORING
ADVERTISING
changes how a company formulates a social currency and how they can most

PORTFOLIO

CHANNELS
strategy, how it structures its organization, efficiently profit from their efforts in buil-

EVENTS

CRM
and how it organizes its value-creating ding strong brands and connecting con-
processes around a common vision; a vision sumers in meaningful and new ways. Affiliation Conversation through
Social Media
off h
how a company or b brands
d iinteract to
As the chart on the opposite page illus- Dunkin’ Donuts runs
solve daily or life challenges and delivers various social media Affiliation through
trates, there is a host of measures to efforts. Many are directed Product Design
Conversation on triggering exchange
against goals of consumers or customers with peers like the group
Apple generated strong
address specific levers. How social a brand order idea »Dunkin’ Run «
affiliation amongst its
given their ecosystem. iPod user-base through
experience gets depends already on basic Utility
the eye-catching white
earphones and white
cable
It also will require companies to change how factors like a businesses’ strategy or cor-
they operate and choose to interact with responding objectives for the product road- Utilityy through
g
Advocacy
Events Identity through
consumers or customers. It will require map. But of course it can also be affected by Customer Clubs
Oracle’s annual gatheringg
establishing a company culture around smart communication activities. To really allows users to meet live
with others from around
Lufthansa’s top clientele
Information (>300k miles p.a.) gain
consumers’ ecosystem. It will require excel, a thoroughly integrated set of tools the globe »to network, peer recognition thanks
learn, and celebrate« to elite services (such as
their own role as expert Porsche-shuttling to the
defining new behaviors, and developing will be most rewarding – for both the brand plane or first row seating)
people to deliver. and its customers and consumers Identity

62 63
 Thanks TThis study is part of a larger initiative bet-
w
ween a consortium of companies to under-
Vivaldi Partners
The study of the power of social currency in stand the power of social media and net-
building strong brands is based on a joint re- w
works on building strong brands, on how to
search initiative of Vivaldi Partners and Prof. connect with customers and consumers,
Johann Füller who is affiliated how to create breakthrough innovations and
with
ith th
the U
University
i it off IInns- new growth,
th andd how
h tto change
h companies
i
bruck and MIT Sloan. Our and create innovation cultures.
study has benefited greatly from a strong The Authors
TThese companies include Fifth Season, a
academic foundation as well as from the Dr. Erich Joachimsthaler, CEO & Founder Please direct all inquiries about the
global innovation boutique that produces
wealth of experiences of client executives. ej@[Link] Social Currency US study to:
breakthrough experience innovation con-
For the fieldwork we are indebted to our com- cepts and E-Edge, a company Dr. Markus Pfeiffer, Managing Partner
petent survey partner, Lightspeed Research, that seeks to create winning mpfeiffer@vivaldipartners com
mpfeiffer@[Link]
Peri Schaeffer
who carried out the online innovation cultures in organi- Dr. Markus Zinnbauer, Director
125 Park Avenue, 15th Floor
field work in the U.S.A. in- zations through management development, mzinnbauer@[Link]
New York, NY 10017 USA
vestigating over 1,000 respondents in the and HYVE that specializes in innovation Tobias Honer, Senior Consultant
time frame of Dec 2009 and Jan 2010. management through online communities. thoner@[Link] info@[Link]
64 65
 VIVALDI PARTNERS
P
[Link]
[Link]

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