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The social economy: Monetising the transactional nature of social media
Journal of Digital & Social Media Marketing,
9
(3),
243-251
(2021)
Abstract
The value proposition of social media for the many people who spend time on such platforms has evolved from being spaces to find, follow and interact with one’s friends to being platforms that provide acceptance and a sense of closeness among strangers. This shift became more apparent in the face of the COVID-19 pandemic; with loneliness on the rise, social media has become the de facto answer to a looming crisis by offering a welcoming virtual community at one’s fingertips. Influencers and individual creators are capitalising on this shift, building businesses and monetising their followings — and brands have the opportunity to do the same with their communities. Gone are the days of finding it strange to pay for social content or ‘chip in’ to a creator — apps like Venmo and Cash App have made it easier than ever to send money in a way that feels like you are simply supporting a friend. This new era of monetising social transactions is not only for the little guys, but big brands have also entered the fray by tapping into micro influencers and leveraging social selling techniques that feel more intimate and personal, even in a digital environment. Readers of the article will gain an understanding of transactional trends that are occurring in the social space. As social platforms continue to evolve it is imperative to understand the impacts to all players to better prepare for the future.
Keywords: influencers; microinfluencers; creators; community; monetisation; transactions; tipping
The full article is available to subscribers to the journal.
Author's Biography
Melanie Shreffler is VP Strategy & Cultural Insights at empatiX. Melanie is a trusted advisor who leverages the power of culture to unlock opportunities for brands. In her roles at consumer intelligence firms, Melanie has worked with top brands leading strategic initiatives to help them reposition, innovate and grow their businesses by capitalising on emerging shifts ahead of their competition. An experienced researcher, Melanie embraces a human-centric approach to provide companies with a unique POV on their markets and industries by blending the art of cultural intelligence with the science of data analysis. With an eye for identifying behavioural trends and a talent for designing innovative research programmes, Melanie has predicted nascent cultural shifts including the rise of solo travel and ‘satisfying video’ entertainment. Melanie is a frequent speaker in the industry, including recent appearances at SXSW, Advertising Week and Social Media Week.
Amber Mccullough , VP Strategy & Insights at empatiX, is a seasoned strategist with a proven track record of advising business leaders and driving results by deploying an incredibly well-informed approach that combines industry expertise, market understanding and both qualitative and quantitative humancentred approaches to solving complex business issues. Amber works with clients to assess the state of the market to identify white space opportunity and build optimal products and solutions. With a focus on the big picture Amber knows that strategy does not exist in a silo and works to connect the dots for clients through digestible insights. Her specialties include corporate marketing and branding initiatives, technological innovations and B2B trends. She holds an M.B.A. in Marketing from St. John’s University in New York, where she piloted outcome metrics for the Vincentian Institute for Social Action (VISA), the university’s philanthropic organisation.
