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The Importance of Social Media for Business

Social media is a modern-day phenomenon with both positive and negative implications; some of which we are not yet aware of.  Aside from “connecting” family and friends thousands of miles away by allowing the sharing of life events in real time, social media also plays a major role in the world’s economy.  Social networks began humbly as just places to share photos or other tidbits of information with family and friends, but they have now become major social networking companies that influence our lives daily and have a combined worth of close to 600 billion dollars.  Social network sites allow businesses to market straight to their consumers in unprecedented ways by increasing brand awareness, developing customer loyalty, and allowing small businesses the opportunity to reach customers outside of their local market to include the world over.

At the heart of social media is the collection of data.  This is how social networks make money and can offer such a compelling advertising platform.  As users join each platform, social network sites can collect very specific details about their users such as shopping preferences, favorite sports teams, movies they like, and much more.  In addition, social network sites collect personal information such as race, gender, work history, family size, education, travel habits and even finances.  Aside from the obvious privacy implications this may present, social media does offer a very compelling and attractive advertising base for all types of businesses and brands looking to promote their products.

One of the main tools a business has at its disposal to increase revenue is the use of effective marketing. The marketing value of increased exposure to the consumer cannot be understated.  As a products’ familiarity and recognition increase, so do opportunities to increase sales and revenue.  Social media allows any business, small or large, to increase their brand recognition in a targeted and effective manner.  Gone are the days when a product needed to market itself to the general public.  With social media, businesses can target particular audiences that have shown interest in their brand or to similar products in the past for that purpose they can Buy Real Instagram Followers to target particular audiences..

Due to the overwhelming user information any given social media platform has on their users, they can offer prospective businesses customized advertising plans that are sure to reach their target audience. This allows a business to reach a customer base that has a higher potential of engaging.  Furthermore, this presents a fantastic opportunity for smaller companies and startups to get their brand or product out in the consumer market at a fraction of the cost of traditional media.  Moreover, this allows companies and individuals the opportunity to target potential customers in their own communities and country, as well as internationally.

Another benefit social media marketing offers businesses of all types is that of greater customer loyalty. This is especially beneficial for businesses in generalized or broad markets.  Numerous studies have shown than when businesses run effective social media campaigns, offer relevant and popular content, and have the ability to make use of multiple platforms, customer loyalty has increased.  With the advent of social media, customers routinely comment on business posts and share events and news with friends and families who are also on the same social network.  This type of engagement leads to the likelihood of users recommending a business or product to these same friends and family members.  This type of marketing is unprecedented and the benefits to both businesses and consumers alike has been profound.

The benefits of social media can also businesses to impact consumers on a social level.  Social media can also be an agent of change and a force for the common good.  Through social media companies, corporations and individuals have the opportunity to show their consumers where they stand on social and cultural issues.  Businesses now have a platform to share the values they believe in and how loyalty to their brand can result in social benefits.  If a brand is aligned with the values of their customers while demonstrating they care about similar issues, the likelihood of customer loyalty to that particular brand grows exponentially.

Loyalty in this form leads to another phenomenon; the humanization of companies.  In years past, companies were seen as giants in our society; as an entity or a thing.  Through the use of effective social media engagement, brands can connect with consumers on a personal level.  This of course can increase trust and credibility with the client base leading to more sales and thereby more revenue.  Social media affords companies to show their human side to consumers, after all, companies are run by humans! Brands can behave like the other friends and family members in their customers social media accounts and engage them on a personal level, even from thousands of miles away.

Every business owner knows that they must keep costs down while constantly generating revenue.  This is what keeps any business alive and provides jobs to individual.  This, in turn, allows the local or even national economy to flourish.  Many businesses in the past where relegated to advertising only in the Yellow Pages or local newspapers and the cost of national advertising can be astronomical.  Social media platforms allow all businesses the opportunity to advertise at whatever budget they may decide. Business are no longer bound to television, radio and or print advertising.

Social media has provided a digital revolution of astronomical proportions.  The impact on the economy as well as on the lives of individuals has been unfathomable.  Our way of life, discourse, and interaction with other human beings may now have worldwide implications.  Of course there are issues with social media such as privacy concerns, hacking, bullying, and the spread of false information.  Nevertheless, I believe that the positive factors social media presents far outweigh the negative ones.  We must understand that this a new technology and as with anything new, we learn as we go.  The future looks bright for social media as it will continue to grow and allow the world to be even more connected.