From Social Commerce Today —
“social commerce works when social features offer genuine social utility that comes in three basic flavours:
Social utility that helps people solve problems socially using their social intelligence (ability to learn from each other and profit from social situations – e.g. collective buying) (Mercedes)
Social utility that helps people solve the social problem of standing out, by helping them manage their social status by expressing themselves (e.g. fan-first offers that ‘sell’ bragging rights (Burberry)
Social utility that helps people solve the social problem of fitting in by facilitating social bonding (e.g. social media gift stores (Starbucks, Anton Berg)”
Some great stuff here from Wishpond as part of their ‘Social Success’ eBook. Worth a read.
Four ways to measure social success:
Fan count (but consider fan value (purchase value + referral value (vs. non fans)
Engagement rate (otherwise billed as conversation rate, share rate, applause rate, people talking about this)
Referral traffic to website (but consider also to store)
Sales (volume or value) (but consider broader economic value – money saved as well as money made)
I think this is rather ingenious. The first time I’ve seen something like this on Twitter. Try it out for yourself at @SmartArg.