For some it means spreading the word through technology for others it means hype, while some feel there is financial multiplication in companies accounts, others think its consumption of productive time. There have been several arguments over the use of social media in business. A little after Mark Zuckerberg launched his dream project named “Facebook”, the thought of online business and promotion emerged. Have you noticed the shift in tradition that emerged? Technological devices have become more and more interesting, thanks to the evolution of social media which did not exist a decade ago. As we transcend into the new future of business, here are a few observations on social media in this day and age and the impact.
Social media in the growing business:
The reliability factor on social media has grown leaps and bounds over the years. Both socially and economically, the trust factor has taken an upper hand when it comes to social media. The more accessible to target audience, the more demand for social media managers. While the impact of social media might differ from one industry to another, it has always brought about new perspective and usage of the product. Many companies credit the accessibility of sources and the outreach for the growth of the firm. My article on social media return on investment, “giving social or being social” throws light on achieving the profitability of an organisation through spreading public online awareness. A recent example is of McKinsey& company believes that a tremendous amount of knowledge is untapped and can be made available to people through social media. The website quotes,” The social economy: Unlocking value and productivity through social technologies, explores their potential economic impact by examining their current usage and evolving application in four commercial sectors: consumer packaged goods, retail financial services, advanced manufacturing, and professional services. These technologies, which create value by improving productivity across the value chain, could potentially contribute $900 billion to $1.3 trillion in annual value across the four sectors”.
Social media is a big domain consisting of gamut of social networking sites like facebook, twitter, pinterest, reddit, stumbleupon, google+ etc. Function for each of these sites differ from one another but play around with the central theme of meeting and making new friends and connecting with old ones. Social networking is a platform that allows, in simple terms producers with its consumers. It is a form of mass communication that is targeted toward general audience. Anyone and everyone can get a feel of the product through social media sites. My article, “Public Relations Vs/+ social media” emphasized on the new media techniques to conquer business. Some of the companies that have not only made their mark on global market but have also put a foot forward and succeeded in social media marketing are Coca Cola, ford, HP, Starbucks etc. Coca Cola for example has seen tremendous sales through social media promotion than through traditional approach of marketing. Wendy Clark, the senior VP-integrated marketing communications and capabilities, of Coca Cola opines,” Reach, engagement, love and value are the markers of success we use for our campaigns. We measure these in a variety of ways, often with our media partners. In beta testing with facebook, we’ve been able to track closed-loop sales from site exposure to in-store purchase with very promising initial results that are above norms for what we see with other media”.
Your premium brand had better be delivering something special, or it’s not going to get the business.” – Warren Buffett, Investor and philanthropist
What benefits does an individual have with social media? I found this interesting article on Forbes which talks about personal branding ( http://www.forbes.com/sites/jacquelynsmith/2013/04/03/how-to-showcase-your-personal-brand-in-a-job-interview/)
Social media gives you an opportunity to build your virtual profile. Every activity online is taken into consideration while recruiting a potential profile. For instance, employers are highly focusing on going through a potential candidate’s personal social media profiles before calling for an interview. Social networking site like linkedin, which is specifically to connect and interact with professional brings in an avenue to put forward the candidate’s talent. The portfolio is a longer version of the resume with a picture attached. Its a platform that promotes an institution called YOU! Business and personal contacts can be easily built through these social networking sites. Employers look for candidate’s recommendations and work profile through job description mentioned.
I would like to end this topic with a small discussion by Forbes about Social media and consumers- https://www.youtube.com/watch?v=RU9UTyNW_no