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“Social Currency:” The New Way To Promote Your Business?

As you may know, New York’s Fashion Week is in full swing. In a rather timely manner, Marc Jacobs, the designer of the famous “Daisy” fragrance will be opening “Daisy Marc Jacobs Tweet Shop” in Soho on Friday.

The store will essentially be accepting tweets or Instagram photos in lieu of cash.

According to Samantha Murphy Kelly from Mashable, “By snapping photos and posting messages with the hashtag #MJDaisyChain, visitors are awarded with Marc

Jacobs-branded gifts when exiting the store. This ranges from perfume and necklaces to even purses (the best Instagram photo of the day will win a handbag). Each visitor then visits the front counter to receive a gift.”

Lori Singer, the VP of Marketing for Marc Jacobs, explains that this is a way to thank fans and followers. The Daisy brand is one of social media’s most popular brands.

“The concept stems from a conversation the brand had with Facebook, which identified them as one of the top fragrances engaged with their followers on the site. Marc Jacob's Daisy fragrance isn't the most followed on Facebook, but its fans are among the most loyal — from posting about the brand to even drawing pictures that represent its message and style.”

This isn’t the first time a company has attempted such a thing. Back in 2012, Kellogg’s opened “The Tweet Shop” in Soho, London. In order to promote their launch of Special K Cracker Crisps, they offered free 100 calorie sample bags in exchange for Tweets.

I doubt this will be the last time a company attempts to build their brand and/or new product in this way. It creates strong word of mouth promotion and can be used in in lieu of other types of advertising; it will certainly be more effective.

My question is: Would you give away your wares in exchange for social currency?

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