Although many young Millennials fresh out of school may be poor in cash, they tend to be rich in friends, as ooVoo realized. Knowing that money holds less value than social currency for this group, the video and chat messaging app set up a shop called the ooVootique, where its users could trade in their ooVoo friends for products.
At the pop-up shop, there are satchels, knickknacks and even bicycles that can be traded for over 1,000 ooVoo friends. The more friends you have on the app, the richer you feel. There's even a Hundred Grand bar that can be exchanged for 100,000 friends. As well as encouraging people to get active on the app, the temporary shop also sparks a fear of missing out that urges new users to download the app and get chatting right away.
Social Currency Shops
The ooVootique Lets Social Media Influencers Trade ooVoo Friends for Merch
Trend Themes
1. Social Currency Trade-ins - Businesses can create opportunities for people to trade in their social currency (such as followers or friends) for products or services.
2. Fear of Missing Out Strategy - Companies can incorporate FOMO-inducing tactics into their marketing campaigns to encourage new users to try their products or services.
3. Social Media-based Rewards - Businesses can offer rewards or incentives in exchange for engagement on social media platforms to increase brand awareness and customer loyalty.
Industry Implications
1. Social Media - Social media platforms can introduce social currency trade-ins to encourage more engagement among users.
2. Retail - Retailers can offer special items that customers can only get through social media-based rewards programs.
3. Marketing - Marketers can use FOMO-inducing tactics to increase customer engagement and drive sales for their clients.