Social Media: The New Way to Pay

As I was sitting in class trying to pay attention (read: scrolling through my Twitter feed), something unusual caught my eye: Marc Jacobs Pop Up Shop Takes Tweets, Instagrams for Payment. Intrigued, I clicked the link to learn more about this unusual exchange of value. 

We talk a lot in class about social media engagement with brands, but it never occurred to me that companies would have a way to rank individual users based on engagement with the brand across platforms. This concept is called Social Currency, and according to Brian Solis, it ranks the value of a person’s social brand engagement like a credit score ranks a person’s creditworthiness. This way, brands can tell who is more important during social media interactions. 

Marc Jacobs is taking the concept of Social Currency one step further in the limited time Daisy Marc Jacobs Tweet Shop. In this Soho pop-up shop, customers exchange currency for products, just not in the way you would think. Instead of paying for your favorite perfume with dollars and cents, you can pay in “social currency.” This means that all you have to do to take home that gorgeous new Marc Jacobs necklace, delicious fragrance, or -for the especially social savvy among us- that lovely purse is Tweet, Instagram, Facebook, or otherwise socially engage the company while you shop. 

What a way to reward customers for continued loyalty and engagement! I can’t even imagine the line to get into the store at this point, seeing as Marc Jacobs has a very large and very involved social media following.

To me, this three day pop-up shop event shows that Marc Jacobs appreciates customers for more than the money they spend on products. The brand is showing customers that the time and effort they put into engaging with the brand online is more valuable than the $75 it takes to purchase Daisy perfume. I have no doubt that this event will endear the brand even more in the hearts of the loyal and socially engaged followers. I applaud Marc Jacobs for redefining the typical dollars and cents transaction to one of comparable value: social engagement with a vast network that Marc Jacobs didn’t have to seek out and pay to engage with. I am interested to see if any other brands catch on and try something like this in the future. Until then, bravo Marc Jacobs!