Significance of Social Media for Business

Introduction

In the present day, the internet or internet communication technologies (ICT) have greatly impacted the manner in which individuals communicate and develop relationships. It has been accepted unanimously by people from different nation, ages and cultures within their day-to-day functioning and thus enabling them to develop and sustain a link personally and also professionally with others. Such type of emerging technological trends has not only become popular but it is increasing the reach and finding favour with everyone. At the same time, it is also impacting the way in which organizations are conducting business [1]. The industry sector as such has made the transition from conventional practices in corporate communication to adopting public relations practices using social media. Social media has emerged as the new frontier in conducting business right from the time it has been introduced. The use of social media networks and communities facilitate individuals as well as organizations to disseminate information, interest, ideas and other types of interactive expressions through online mediums. A large number of organizations today are harnessing the potential of this platform after they perceived and understood the inherent benefits from social media [2]. At the same time, there are several organizations; mostly small and mediumenterprises (SMEs) and start-ups that are still not very open to integrate social media into their marketing strategies. Therefore, it becomes necessary that they comprehend the power of social media and what it can do for their business.

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Social Media and its Significance

Social media pertains to content that has been created by users (individuals or organizations). A very decent example would be Twitter, which is a freely available micro-blogging service that enabled registered users to broadcast short posts called tweets and follow other users. On the other hand, Facebook facilitates users to post pictures, ideas, videos and allows anybody from the user’s friends to like, share and comment on the post [2]. Thus, social media establishes a potential market and offers users with a platform to create an impression about their business and thus helping them to develop brand, reputation, credibility and image. Considering the number of users that exist on social networking sites, it becomes more lucrative for organizations to make an entry into social media. For example; Facebook is known to have around 2 billion users the world over and a user base this large has the potential to reach out to a huge audience base at costs that are comparatively low and thus placing it at the forefront of decision-making in business [3].

Figure 1: Number of Users on Social Media Networks

Source: Tankovska  [4]

Irrespective of the number of users on social media and other relevant trends, there are sceptics who ask ‘why should I use social media?’ Let me list out some benefits from using social media.

Create Awareness

Once a SME business owner was asked why his business was not on social media. His reply – “ours is a small business, why do we need social media”. What they don’t realize is that the reason their business is small is because people are not aware of them. In a scenario where people are clueless about your business, there is no way that they will become your customers. Using social media would help to create awareness amongst your target audience. It would improve visibility and help you reach a large audience base.

Convey Authority

Customers today have become rather savvy and are more astute about the business they prefer and support. Prior to arriving at a purchase decision, they tend to conduct a detailed research to understand your product and your business. Therefore, creating robust profiles which is not only relevant but is updated frequently will tend to develop the authority of your brand and ensure that you succeed in making a first positive impression using social media. It will inform the customer that your business is approachable, trustworthy and knowledgeable.

Showcase Authenticity

A potential customer would not be interested in your business if the content that you publish would be social media posts that are strictly corporate and rather dry. Instead, showcasing authenticity on social media would help the personality of your brand to shine through clearly through every social media content that you upload. However, you should have knowledge about what message you want to convey, how you want to project yourself to your customers and what is the image that you are keen to create.

This is a rather vast domain therefore; it is a bit difficult to conclude with so short a write-up. Stay tuned and watch this space for a follow-up to this post.

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References

[1]      R. Venkateswaran, B. Ugalde, and R. T., “Impact of Social Media Application in Business Organizations,” Int. J. Comput. Appl., vol. 178, no. 30, pp. 5–10, Jul. 2019, doi: 10.5120/ijca2019919126.

[2]      T. P. Singh and R. Sinha, “The Impact of Social Media on Business Growth and Performance in India,” Int. J. Res. Manag. Bus. Stud. (IJRMBS 2017), vol. 4, no. Ijrmbs, 2017, [Online]. Available: http://ijrmbs.com/vol4issue1SPL1/tinap.pdf.

[3]      M. Y. Abuhashesh, “Integration of social media in businesses,” Int. J. Bus. Soc. Sci., vol. 5, no. 8, 2014, [Online]. Available: http://www.ijbssnet.com/journals/Vol_5_No_8_July_2014/20.pdf.

[4]      H. Tankovska, “Number of social network users worldwide from 2017 to 2025.” 2020, [Online]. Available: https://www.statista.com/statistics/278414/number-of-worldwide-social-network-users/.

[1]      R. Venkateswaran, B. Ugalde, and R. T., “Impact of Social Media Application in Business Organizations,” Int. J. Comput. Appl., vol. 178, no. 30, pp. 5–10, Jul. 2019, doi: 10.5120/ijca2019919126.

[2]      T. P. Singh and R. Sinha, “The Impact of Social Media on Business Growth and Performance in India,” Int. J. Res. Manag. Bus. Stud. (IJRMBS 2017), vol. 4, no. Ijrmbs, 2017, [Online]. Available: http://ijrmbs.com/vol4issue1SPL1/tinap.pdf.

[3]      M. Y. Abuhashesh, “Integration of social media in businesses,” Int. J. Bus. Soc. Sci., vol. 5, no. 8, 2014, [Online]. Available: http://www.ijbssnet.com/journals/Vol_5_No_8_July_2014/20.pdf.

[4]      H. Tankovska, “Number of social network users worldwide from 2017 to 2025.” 2020, [Online]. Available: https://www.statista.com/statistics/278414/number-of-worldwide-social-network-users/.