Chit Aims to Change Social Media with a Tangible Social Currency
Laura McQuarrie — December 17, 2014 — Marketing
Launched last year as a mobile technology, now Chitter is launching Chit, described as "The World's First, Tangible Social Currency." In order to bring their vision to the masses, Chit is currently crowdfunding on Indiegogo.
Proving that you don't have to be a celebrity to have a significant amount of social influence online, the plan is for Chit to be set up as the primary social currency that companies can offer to their fans. That way, within the Chit Shop mobile app, people can cash in their earned Chits for real products or rewards just by sharing moments on social media. The more influence you have online, the better perks you're able to pick up, which encourages you to share more and get "richer" in social currency.
Proving that you don't have to be a celebrity to have a significant amount of social influence online, the plan is for Chit to be set up as the primary social currency that companies can offer to their fans. That way, within the Chit Shop mobile app, people can cash in their earned Chits for real products or rewards just by sharing moments on social media. The more influence you have online, the better perks you're able to pick up, which encourages you to share more and get "richer" in social currency.
Trend Themes
1. Tangible Social Currency - The concept of a tangible social currency, as exemplified by Chit, creates disruptive innovation opportunities for mobile technology, app development, and social media marketing.
2. Incentivizing Online Influence - Chit's model of offering rewards to those with more online influence creates disruptive innovation opportunities for social media marketing, influencer marketing, and customer loyalty programs.
3. Monetizing Social Media Activity - The ability to earn tangible rewards for sharing moments on social media has disruptive innovation opportunities for e-commerce, mobile technology, and app development.
Industry Implications
1. Mobile Technology - The development of mobile apps like Chit Shop that allow users to earn tangible rewards for social media activity has disruptive innovation opportunities for mobile technology.
2. Social Media Marketing - The concept of a tangible social currency and incentivizing online influence has disruptive innovation opportunities for social media marketing.
3. E-commerce - The ability to monetize social media activity by earning tangible rewards has disruptive innovation opportunities for e-commerce platforms.
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