Building and Banking Your Social Dollars

As a follow up to the concept of "social reciprocity" mentioned in "Unlocking The Social Inner Circle Code", one of the key concepts are "social dollars".

They don't have a tangible value, but are a measure of the social goodwill you built.

Believe it or not, relationships can build to a deep level, even if the person lives 12 time zones away or is someone you haven't met (aside from seeing their avatar), 5 year relationship notwithstanding.

A friend told me about the concept of a "goodwill bank".
In any relationship, the things you do have the effect of depositing "social dollars" into the goodwill bank, or withdrawing from it.

Helping out a friend in need = depositing social dollars into your balance.

Asking a friend for a favor = withdrawing social dollars from the same balance.

Your social dollar balance has a way of accumulating "interest" too. As you continue to help people, they'll naturally talk to their friends about it, give you a recommendation in a social network, blog about your efforts, create buzz about you in the forum.

The best form of social goodwill is accumulated paradoxically through altruistic means...meaning if you set out solely to help someone out, without any expectation of reward, you'd probably get the biggest return from that.

Call it the "pay it forward" effect if you will.

If you help three people, who go on to help another three people each, inevitably, you'll perpetuate the cycle of goodwill and the returns come back to you multiplied a hundredfold.

The bottom line: Help others WITHOUT any expectation of a return and you'll get rewarded sometime and it'll come back to you multiplied many times over in the most pleasant manner possible.

It might be that newbie blogger or internet marketer whom you extend a helping hand to and subsequently becomes a superstar and helps you out in turn.

The universe works in mysterious ways.

To allay some readers doubts that "no post by Andrew Wee would be complete without the mention of schmoe", here's the schmoe take on things.

A schmoe on the other hand will help someone or do something SOLELY for the purpose of profiting from it. In 99% of cases, the effort will be transparent to the point of laughability...and part of the torrent of spam comments or emails I get each morning.

If you're constantly withdrawing social dollars from the goodwill bank, expect to be hit in an unexpected fashion...the likelihood is that it might be unpleasant though.

As Spock says "Live long and prosper"...and the pointy-eared dudes are usually right...

Be well.

Andrew Wee is a MyBlogLog Advisor and blogs about blogging, affiliate marketing and social traffic generation at WhoIsAndrewWee.com. His MyBlogLog profile is: http://www.mybloglog.com/buzz/members/andreww/

Comments

[Kanute]

"Help others WITHOUT any expectation of a return and you'll get rewarded sometime and it'll come back to you multiplied many times over in the most pleasant manner possible." Nice one. Heard it before and i believe if practised yield a lot..

[Clerical Solutions]

Very true on helping someone out without any expectation of a return will multiply your blessings. because a person never knows when one day you will need some help and look to others for help. what goes around comes around. everyone needs help at some point in their life. so build up and deposit on your social dollars.

[Adrienne Zurub]

I have to say that MyBlogLog.com is truly the greatest social networking site in helping me forge connections, obtain information, and connecting with intelligent and
empowered people who care about networking and progressing forward.
I am so glad and so fortunate that I found this well managed site!

Thank you for making this a true community!

Adrienne Zurub
author,
'Notes From the Mothership ~ The Naked Invisibles.'

[Yannick Lejeune]

You should check Paulo Coelho's book "The Zahir: A Novel of Obsession", I think the "bank of good will" comes from that.

[Collin]

I am not sure if this really works. It would be nice though if it did. It seems the people who get a head in life the fastest are the ones who always cut you off on the road.

[BillyWarhol]

Nice Article Robyn!

Ever since being on Flickr for over 2 Years now + seeing the Amazing Power of the new Web2.0 Social Networks I've long believed this can have a very Positive effect for Change + to do Good in the World!

U can create a Group focussed on anything - Poverty or Hunger or Darfur or many of the Important Issues facing ALL of us. & within Minutes your Message can be Spread via the Internet to the Entire World! Truly Amazing!!

Bloggers also seem to be Good People - Good Samaritans if you will. Who Give Freely of their Time + Share. I Hope that a New Worldwide Economy can be created in the Blogosphere that allows Bloggers to Get Paid doing what they Love to Do + also that a Portion of those Earnings go to Support People who Really Need it!!

Cheers Everybody!! Billy ;))

Peace*

[Rob Viglione]

Oddly enoughly, social currency and the concept of social value presented here is remarkeably similar to monetary currency and economic value. The difference is entirely in the "don't expect reciprocity" concept.

The concept of deferred reciprocity can be likened to a deferred expected return, and is not at all a fully altruistic concept. Reward is expected, but in the context of the process as a whole, not per action.

Overall, I love this article! Paying it forward is a great concept and would do wonders to making this a better world.

[Wayne Smallman]

If I must be prosaic about things, it's commoditized altruism.

Which isn't to say it's not a worthy idea. It's a concept I've always been aware of, but I do like the money analogy, all the same.

In essence, we're talking about personal branding and brand management, which all good 'bloggers do whether they're aware of it or not.

To distill the concept even further: "You scratch my back and I'll [probably] scratch yours."

[Marc]

Good article, timeless principles. Something we can all benefit from. The learning never stops.

[WhiteHatGuys]

I think is a good idea and will promote it to our fans and readers as well.