Social capital: A revolution in measuring community power on social media

As social media platforms continue to dominate people’s daily lives, the power of influencers and their ability to sway public opinion has become a highly valuable asset. But how does one accurately measure this power? Is it based solely on the number of followers or likes an influencer has? In this article, we'll explore the limitations of evaluating community power based on followers and engagements alone and examine an alternative metric called Social Capital.

Problem of the decade and recent trends

For years, marketers have relied on metrics like followers, likes, and comments to gauge the impact of an influencer's content. However, these metrics only tell part of the story. A large number of followers doesn't necessarily equate to a highly engaged or influential audience, and high levels of engagement can often be artificially inflated through paid promotions or fake followers.

The current trend in social media is a shift towards communities, which is being led by platforms like Discord. As the industry continues to mature, it's becoming increasingly clear that the quality of the audience is more important than quantity. Facebook is also recognizing this trend and pushing for the use of groups instead of pages, as groups can foster more intimate and engaged communities.

Closed versus open community models

Unlike Twitter and Facebook, which rely on a broad open follower model, Discord allows influencers to create their own communities of highly engaged followers who share common interests and are more likely to be interested in the influencer's content. This creates a sense of exclusivity and intimacy that can encourage followers to actively participate in conversations and engage with the influencer's content.

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Discord provides influencers with more control and ownership over their content and brand, allowing them to build their own communities that are more stable and reliable. Discord's focus on voice and text-based communication also creates a more intimate environment where followers can interact with influencers in real-time, fostering deeper relationships and more authentic engagement.

Discord's community-driven approach to content creation and curation offers a more democratic alternative to traditional social media platforms. Rather than relying solely on algorithms and external factors, Discord allows communities to self-organize and curate content based on their own interests and preferences.

Where does the decentralized Web3 model fit in?

The current approach to evaluating influencers ignores the power of community trust and the role it plays in shaping public opinion. This is where Social Capital comes into play.

Social Capital is a metric that evaluates an influencer's power based on the trust and financial backing of their community. This metric takes into account a range of factors, including the influencer's history of delivering quality content, their community's willingness to support them financially, and the strength of their relationships with other influencers and thought leaders.

One way to execute Social Capital is through the use of social tokens. These tokens are similar to company stocks and represent a commitment and trust in the performance of a public company. In the case of influencers, social tokens are backed by community trust and money, and can be used to measure their Social Capital.

By creating a new merit based on Social Capital, the industry can move beyond the limitations of traditional metrics and better evaluate the power of influencers. Social Capital takes into account the importance of community trust and financial backing, which can ultimately lead to more authentic and influential content.

While some may argue that Social Capital and social tokens are too complex or difficult to implement, it's important to remember that this is a new and emerging field. As more influencers and communities begin to embrace Social Capital, we can expect to see more sophisticated tools and technologies that make it easier to evaluate and track this metric.

Who will benefit from the new model

Agencies that sell influencer services often rely on traditional metrics like follower count and engagement to prove the value of their services to clients. These metrics are easily measurable and can provide some sense of an influencer's reach and potential impact. However, agencies are also aware of the limitations of these metrics and the potential for fraud or inflated numbers.

From the agency perspective, Social Capital and social tokens could offer a more accurate and reliable way to measure community buy-in and engagement. By tracking the financial support of an influencer's community through social tokens, agencies could provide clients with more concrete evidence of an influencer's impact and audience trust. This could ultimately lead to more successful campaigns and happier clients.

Clients, on the other hand, are looking for guarantees and proof of community buy-power before investing in influencer services. They want to know that their investment will pay off and that the influencer they're working with has a genuinely engaged audience. Clients may also be looking for more transparency around how influencers are being compensated and how their engagement rates are being calculated.

From the client perspective, Social Capital and social tokens could offer a more transparent and trustworthy way to measure an influencer's power and influence. By tying an influencer's performance and compensation to social tokens, clients can feel more confident that the influencer they're working with is committed to delivering quality content and engaging with their audience.

Final thoughts

In conclusion, social capital has the potential to revolutionize the way we evaluate community power on social networks. By taking into account factors like community trust and financial commitment, social capital provides a more nuanced and accurate picture of an influencer's true influence and impact.

With social tokens and other innovative technologies, it's possible to create a closed, engaged community model that prioritizes authenticity, intimacy, and meaningful interactions. This not only benefits influencers, but also businesses and followers who are seeking more valuable and genuine connections online. As the social media landscape continues to evolve, social capital will undoubtedly play a significant role in shaping the future of community power and influence.