significance of social media for business
DESCRIPTION
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 medium enterprises (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. For #Enquiry https://www.tutorsindia.com/ [email protected] (Whatsapp): +91-8754446690 (UK): +44-1143520021TRANSCRIPT
SIGNIFICANCE OFSOCIAL MEDIA FORBUSINESS
An Academic presentation by Dr. Nancy Agnes, Head, Technical Operations, Tutors India Group www.tutorsindia.comEmail: [email protected]
Introduction
Social Media and its Significance
Create Awareness
Convey Authority
Showcase Authenticity
OUTLINE
Today's Discussion
INTRODUCTION
In the present day, the internet or internet communicationtechnologies (ICT) have greatly impacted the manner inwhich individuals communicate and develop relationships.
It has been accepted unanimously by people from differentnation, ages and cultures within their day-to-day functioningand thus enabling them to develop and sustain a linkpersonally and also professionally with others.
Such type of emerging technological trends has not onlybecome popular but it is increasing the reach and findingfavour with everyone. At the same time, it is also impactingthe way in which organizations are conducting business .
The industry sector as such has made the transition from conventionalpractices in corporate communication to adopting public relationspractices using social media.
Social media has emerged as the new frontier in conducting business rightfrom the time it has been introduced.
The use of social media networks and communities facilitate individuals aswell as organizations to disseminate information, interest, ideas and othertypes of interactive expressions through online mediums.
A large number of organizations today are harnessing the potential of thisplatform after they perceived and understood the inherent benefits fromsocial media.
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 mediainto their marketing strategies.
Therefore, it becomes necessary that they comprehend the power of social mediaand what it can do for their business.
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SOCIAL MEDIA AND ITSSIGNIFICANCE
Social media pertains to content that has beencreated by users (individuals or organizations).
A very decent example would be Twitter, which isa freely available micro-blogging service thatenabled registered users to broadcast short postscalled tweets and follow other users.
On the other hand, Facebook facilitates users topost pictures, ideas, videos and allows anybodyfrom the user’s friends to like, share and commenton the post.
Thus, social media establishes a potential market and offers userswith a platform to create an impression about their business and thushelping 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 intosocial media.
For example; Facebook is known to have around 2 billion users theworld over and a user base this large has the potential to reach out toa huge audience base at costs that are comparatively low and thusplacing it at the forefront of decision-making in business
Figure 1: Number of Users on Social Media NetworksSource: Tankovska
Irrespective of the number of users on social media and other relevant trends, thereare sceptics who ask ‘why should I use social media?’ Let me list out some benefitsfrom using social media.
CREATEAWARENESS
Once a SME business owner was asked why hisbusiness was not on social media. His reply –“ours is a small business, why do we need socialmedia”.
What they don’t realize is that the reason theirbusiness is small is because people are notaware of them.
In a scenario where people are clueless aboutyour business, there is no way that they willbecome your customers.
Using social media would help to createawareness amongst your target audience. Itwould improve visibility and help you reach alarge audience base.
CONVEY AUTHORITYCustomers today have become rather savvy and are more astuteabout the business they prefer and support.
Prior to arriving at a purchase decision, they tend to conduct adetailed research to understand your product and your business.
Therefore, creating robust profiles which is not only relevant butis updated frequently will tend to develop the authority of yourbrand and ensure that you succeed in making a first positiveimpression using social media.
It will inform the customer that your business is approachable,trustworthy and knowledgeable.
SHOWCASEAUTHENTICITY
A potential customer would not be interested inyour business if the content that you publishwould be social media posts that are strictlycorporate and rather dry.
Instead, showcasing authenticity on social mediawould help the personality of your brand to shinethrough clearly through every social mediacontent that you upload.
However, you should have knowledge about whatmessage you want to convey, how you want toproject yourself to your customers and what is theimage that you are keen to create.
This is a rather vast domain therefore; it is a bit difficult to conclude with so short awrite-up. Stay tuned and watch this space for a follow-up to this post.
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