Impact of social media on business
The 20th & 21st century has seen a large spike in the number of discoveries made leading to the rise of an innumerable count of technological advancements. Technology has now become a part and parcel of more than 3 billion lives in the world. It is evident that it makes the core of everyday life simpler and efficient with the help of these tools. It is a major misconception that technology refers only to enhancement in the field of products. Nowadays, software development has seen major milestones that have optimized even the product regime. The search engine, for example, has taken the place in day to day scenarios like water supply. The common man however finds it easier to use user-friendly interfaces. Social media can be termed as one of such interfaces that have changed the lifestyle of millions of people.
Not that it is not known, but still for the sake of completion, let’s just name the most important social media platforms.
1. Facebook,
2. Twitter,
3. Instagram,
4. Whatsapp and
5. LinkedIn
How are these social media platforms related to the field of sales, marketing, and business? Well, it is not an independent part of the business. But I’m quite sure that if you find the right techniques through the right channels of social media you can create a huge profit in an exponential rather linear fashion. Let’s discuss a few important colors that social media adds to your complete picture of the business.
Financial freedom:
A business becomes successful only if there is a Returns on the Investment initially made for the setup. Thus, it is really good for a firm to find ways to reduce the amount of investment done that it is easier to get back out. This is the reason why social media stands erect and alone in the field of sales and management even for the top-ranking companies in the world. Social media platforms, as known can be termed as cost-effective advertisement platforms. Advertising the products or services through social media platforms is like sowing seed at the right place where there are water and nutrients the plant may need for its survival.
Once it is strong to an extent to stand on its own in time it will gain the raw materials needed to stand in the future storms to come. A business if has found its root firm in the soil can grow to a greater extent just with a little planning and effort. Social media platforms act as a pillar for these businesses to climb on.
Customer reach:
The internet is as known, a huge network like a spider web that connects large numbers of people all around the globe. It doesn’t matter what country you belong or what device you use, all have similar rights towards accessing the information provided on the world wide web. Using this data for the research on the lifestyle or usage of a particular product or service by the consumers is easy and useful, especially in the case of a social media platform where the information is obtained in real-time. Anyone anywhere on the globe if connected to a global server can access it. That’s the power of online business. A huge number of audiences in a very small regime.
Brand loyalty through social media:
As a matter of fact, having a business’s name on a search result means to grow the business on a larger scale. Users start to realize the presence of such a business at their disposal. The presence of a business on a social media platform can boost business relationships throughout the world by just a click. This leads to the most important factor of business that is Brand Enhancement or Brand loyalty building. It is something like, if you want a disinfectant at home suddenly your thought goes to ‘Dettol’. Thinking about chips first thing that comes in mind ‘Lays’. Say about searching about something we say, ‘Google it’. That is the importance of the brand. Strong involvement in social media gives businesses the power to develop that name in the blink of an eye.
Feedback system:
Development in a business or rather a matter of fact, any field is not only concerned about the work that is done in delivering the products or services to the consumers but also in the continuous editing and replacement of mistakes that happen in it. This has to happen only with the help of the consumers who are the most important pillars of a business. Respecting the consumers gives a large return in the form of business enhancement. This feedback system becomes a hundred times easier on the online platform. The customers can mention developments or grievances about the services rendered easily through the social media platform, which can be used to upgrade the business to a new level.
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