Getting Marc Jacobs products without any money seems like a dream. This dream came true in February 2014, when Marc Jacobs opened the Daisy Marc Jacobs Tweet Shop in Manhattan. Unlike regular stores, this store does not accept money, instead you pay with tweets. When you tweet with #MJDaisyChain you get credits which can be traded for Marc Jacobs products such as necklaces and perfumes. Tweets with pictures will give you more credits and the person with the best picture of the day even gets a Marc Jacobs handbag! This pop-up store was only open for three days, one of the reasons social media exploded with #MJDaisyChain.
Another example of social media as currency is Pay with a Tweet, a site that says they are the manager between company and customer. As a company you can register your company for a Pay with a Tweet campaign. When you are a customer and click on the Pay with a Tweet button you are paying your product with a positive tweet about the company.
Social currency is not limited to Twitter, liking or sharing on Facebook can also provide you with products. You might wonder what the value is of a tweet or a like. There is no simple answer to that question. However, analytic research shows that a like on Facebook has a bigger value than a tweet. One reason for this difference in value is, that on Facebook you have friends and on Twitter you have followers. You have met most of your friends on Facebook in real life, but you have never met many of your followers. You will probably take advice more quickly from someone you know in person than someone you have never met before.
Both Marc Jacobs pop-up store and the Pay with a Tweet website seem to have advantages for customer and company, but does this win-win situation seem too good to be true? In my opinion the credibility of all reviews in social media will drop, because you do not know when people are rewarded for their reviews. What do you think the consequences are when social currency increases and do you think it is fair that the value of likes and tweets is different?