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What is your “Like” currency policy?

“Like” is becoming the new trust currency. Publishing companies such as The New York Times and CNN are already using it to recommend and distribute content. NGOs, in partnership with sponsors, are leveraging “Like” for donations. For instance, if a NGO gets 100,000 “Likes” for a cause, the sponsor will kick in $100K. So, why not use “Like” to determine the price of digital goods?

To see how this might work, let’s use a publishing company for online books as an example. The publisher decides to use “Like” to help determine the price of its online books. “Like” will function as a floating currency on which the price is based on supply and demand. The more “Likes”, the lower the price. The publisher will need to establish a price base and ceiling in order to not lose money and remain competitive. In addition, they will need to determine the exchange rate of “Likes” to actual dollars. This exchange rate will need to be fair and transparent, so customers know what to expect for their “Likes”.

The beauty of this model is that it gives customers a say in the price they want to pay for a product. I think it is a win-win for customers and publishers. Customers have the opportunity to pay a lower price of something they “Like”. Publishers can sell more books and build a fan base.

I’d love to hear your ideas on how to use “Like” as a currency. Thanks-Alberto
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Comments

  1. SiewJune 15, 2011 at 2:06 AM

    I LIKE the idea. However, will it work in an environment where trust and honesty are or possibly variable commodities?

    Will users be tempted to ask friends to LIKE a book to make it cheaper? On the other hand, will publishers be dishonest in order to make the book look popular?

    ReplyDelete

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