People and organizations don’t realize they are trading currency every time they engage online. The currency traded online is not unlike the traditional currency trading marketplace which is a multi trillion-dollar market where world currencies are exchanged back and forth daily.
The difference is in the type of currency being traded. One involves the exchange of financial currency and the other represents the exchange of conversational currency.
Currency values can change for many reasons. Sometimes they react to political and economic news, sometimes they are driven by speculators, and sometimes they are driven by national and international events. This is true for both traditional currency and conversational currency trading. The fact is what you say and do online is a currency representing your value and it fluctuates based on the content of your conversations and the related behavior.
The New Trading Platforms
I view LinkedIn, Facebook, Twitter and all the other “platforms” and all their related tools as a platform for the trading of currency. The currency I am referring to is conversational currency and it is traded in to numerous forms such as original content, shared content and connections. If you haven’t noticed all the social platforms have turned into not only a social network but a publishing platform, a CRM platform, a research platform, a search engine and fundamentally a bank of conversational currencies.
Conversational currency are created by people who share their enthusiasm for a topic with their peers. Because conversations are peer-mediated, they have more authority—this much we know already. However, what Conversational Currency reveals to us is the value of conversations we create are a reflection of our personal brands worth.
A conversation turns to currency when people discover something meaningful within the conversation and they share the conversation as if it were their own. Conversations about brand experiences, topical perspectives and creative ideas have become the new currency that reflects our individual worth.
What Determines The Value of Your Currency?
Conversations propagate based on the rate of interest. Bankers don’t care about money; they care about the rate of change of money. The value of your content are based on the rate of change of your updates, how many times it changes hands or draws interest. Rate of interest in your conversation are reflected by the rate of change. The more your conversation “changes” from one to one to a million the higher the interest rate becomes.
Learning how to cut through the noise and engage directly with those seeking the value of your currency is the key to increasing your value to a network. The value of your network is directly proportional to the value of the conversational currency you create and freely share.
In the networked economy value creation starts and never ends with content that creates value.