Depending on whose definition you cite, cause marketing typically involves (and campaign success is often measured by) an exchange of currency. We’re talking cold hard cash…moolah…dollars. Increases in sales for a point-of-sale retailer, funds raised or donated to a non-profit organization. You know the drill. The bottom line.
As consumer expectations continue to evolve, it’s critical that we change our working definition of “currency” from “money” to something bigger and more encompassing. Dictionary.com defines currency as
Something that is used as a medium of exchange.
What type of currency will it take to win the hearts and minds of consumers, donors and partners in this new economy? Here are a few suggestions for what a new definition might include:
Social Currency – Think of this as the “people” aspect of currency. Are you engaging employees in a way that’s meaningful to them? How do you know? Are you engaging them at all? What about the community? Have you covered your bases with all sorts of stakeholders, not just the traditional Rolodex of the old boys (or girls, as the case may be)?
When’s the last time you interacted with someone new with a role unlike your own? If you can’t answer that question, it’s probably time to lift your head up and go seek out those connections on behalf of yourself and your project. Set an example. This is the start of earning social currency.
Mental Currency – In our current world of information overload, mental currency may be the hardest to procure. What about your campaign or project is so compelling that it can earn the mental currency of your target constituents? It must obviously start with something that’s meaningful or compelling to you so that you may share your enthusiasm, stories and passion with others.
Part of earning mental currency is a quality piece. Are you cranking out campaigns all day long that mean nothing to anyone? Or are you more selective and strategic in what you put your muscle and energy behind and then go full out? The latter will help earn mental currency.
Practicable Currency – Think of this as the “action” component of currency. What are you providing that is of value to your customers and donors that will compel them to take action? Whether it’s clicking on a link, signing a petition, agreeing to volunteer, participating in an event or sharing your message. Once you’ve earned the mental currency, why should anyone take the next step to action? And what is that step?
This is an important component in this day of “Slacktivism” and my wager is that once you’ve successfully earned social and mental currency, it’s critical to up the ante with practicable currency by asking your stakeholders to do more, not less. Why? So they’ll become part of your movement, part of your cause, part of your campaign. Practicable currency is the holy grail of currency in that it will perpetuate all other types of currency including that cold, hard cash.
What other types of currency might we seek to earn? What’s your definition of currency?
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Image credit to bradipo.
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