Benefits of Social Media That Can Contribute to Business Success

In all seriousness, social media can be a game changer for a business. With the advancement of internet and the proliferation/spread of devices that can quickly access the internet and share media content, the world has undergone a radical transformation. Innovation is about more than technology. The strategies that companies of past times used to corner the market and repair their brand image after a gaffe by one of their spokesmen have become obsolete. Aside from negatives there are plenty of benefits of social media to discuss in this essay, especially when we write about the role of social media for business success. 

Benefits of Social Media for Business

We will begin with the definition and the role of marketing. Marketing is a well-developed methodological science which is systematically changes its rules consantly according to the wants and developments happening in and around it. To determine itself within this new era, it begun adapting the new stratergies of virtues to come in terms with the new paradigms of business. The role of marketing in the development of business is undamaged however the approach of executing it is radically dynamical all thanks to contributions created by satellite communication and extensively developed scientific devices. Social media perhaps made public as a group of Internet-based applications which is dependent upon the technological foundations of Web and which permits creation and exchange of user generated contents. Social media has drastically changed the way in which we talk, collaborate, consume and build. They represent one of the most transformative impacts of IT on business not on inside but also ouside the organisations. Social media comes in several forms in which the eight most hottest are: Blogs, Microblogs, Social Networks, Media-Sharing Sites, Social Bookmarking and selection Sites, analysis Sites, forum and effective Worlds.

In the fast moving world of today, customer attrition can happen within few days, and you could end up with a company that was worth millions of dollars at the beginning of the week filing for bankruptcy at the end of the week. Social media has become associate in nursing an integral part of several organizations' marketing strategy. It's aggravated a paradigm shift in brands and companies' marketing strategies, as well as the ways in which they communicate with their target market. To insure roaring attendance on social media the companies need to take completely different marketing theories into thought in order to boost their brand in numerous facet. The meteoric growth of community websites like Twitter, Facebook, Pinterest, Instagram, Linkedln, Amazon, Filpkart and many more have usher the planet into a brand new era of social media. The world-wide reach is nothing in need of marvelous, most in order that that if Facebook were a country, it would be third largest, next to China and India. Some even say that this is often the largest shift since the industrial revolution, that the planet emcompasses a novel enjoying hayfield.

According to recent statistics for January 2020, 4.54 billion individuals are active internet users, encompassing 59 % of the world-wide population. Social media usage has become associate in nursing an integral element to the lives of many individuals across the planet. In 2019 2.95 billion individuals were active social media users worldwide. This forecast is expected to go further up by approximately 3.43 billion by 2023. Social media marketing helps companies to achieve their marketing objectives at low cost. Facebook pages have more than 50 million registered businesses and approximately 88 % of businesses use Twitter for their marketing purposes. Social media technologies and applications have conjointly been wide used for making awareness of public services and political promotions. People are most of the time spending time online searching for information, on products and services communicating with alternate shoppers regarding their experiences and engaging with companies. Organizations have responded to this change in consumer behavior by creating digital and social media an essential and integral part of their business marketing plans.

Social media is seen by marketers as a great chance to spice-up market share figures. Some common goals when using social media as a marketing tool are: generation of word-of-mouth advocacy, development of brand loyalty, increase in brand awareness, closer relationships with customers, management of customer service problems, or educating media and public regarding company-related issues. Social media benefits have been already noticed by different organizations and business companies. Organizations will considerably benefit by making social media marketing an integral part of their overall business strategy. 

In a recent survey of 1,200 companies held at The Harvard Business Review showed that only 12 percent of the companies surveyed felt that they were using social media effectively for growing their business. When asked to list the primary benefits from social media, the number one response, at a massive 50% was increasing the product awareness (Brand Building) among people. Some companies are investing increasingly in social media marketing to get in touch with their customers. They are indulging in constant interaction with their prospects in order to understand their needs and hence make products better. It‟s the best way to learn from your customers about their needs and your own shortcomings. However, social media marketing is a very personalized way of advertising and promotions can be targeted only to particular groups which are interested in a particular domain, quite unlike conventional advertising.

Let's go back to the main question of this essay about social media benefits for business: can social media work for a business? Yes, it can. But it is highly unlikely to happen overnight and without a strategized plan, amount of energy, and time. Given the lack of clarity of the benefits of social media, most of the companies were hesitant to make Social Media a huge priority. Many businesses do not have the best strategies for growth and public rebranding. What is needed is something more than a public relations band aid. One of the major problems for big brand businesses is how to keep their brand equity increasing in value, instead of diminishing with every news cycle. Of course, making the decision to re-imagine a business can come with a bit of stress. But Social Media gives the ultimate platform in rebranding the business and gaining maximum profit out of it without compromising on reputation of the business.

Here are some of the points that social media marketing helps in: 

• Generating exposure to businesses.
• Increasing traffic/subscribers.
• Building new business partnerships.
• Rise in search engine rankings.
• Generating qualified leads due to better lead generation efforts.
• Selling more products and services.
• Reduction in overall marketing expenses.

So we have already find out what are the benefits of social media, to continu this essay let's undestand the role of social media marketing. The role is to use it as a communication tool that makes the companies accessible to those interested in their product and makes them visible to those that don‟t know their product. It should be used as a tool that creates a personality behind their brand and creates relationships that they otherwise may never gain. This creates not only repeat-buyers, but customer loyalty. Fact is social media is so diversified that it can be used in whatever way best suits the interest and the needs of the business.

According to 2014 Social Media Marketing Industry Report, a majority of marketers (56%) are using social media for 9 hours or more each week, and nearly one in three invest 11 or more hours weekly. Twitter, Facebook, LinkedIn and blogs were the top four social media tools used by marketers, in order. A significant 81% of marketers plan on increasing their use of blogs. A majority of the marketers are employing social media for marketing purposes and small businesses were slightly more likely to use social media. 76% of marketers are spending at least 4 hours each week on their social media marketing efforts. In the present context, it is increasingly becoming pertinent for companies to:

1. build a favorable base of consumers,
2. involve them in decision making.

According to Softpedia, during the last quarter of 2013, 86 percent of online retailers in US had a Facebook page. It was expected that this figure would reach 99 percent very soon. During this same period, e-marketer pointed that 65 percent of its surveyed online retailers were active on Twitter. Another 26percent were planning to incorporate Twitter in their plans. E- marketer projects that by 2014, 91percent of online retailers will be Twitter ready and all of them will have a Facebook page. Presently, greater than 700 thousands businesses have an active Facebook page. And around80 thousand web portals are Facebook Connected presently.

Conclusion

To end up the topic of the benefits of social media, in this essay we have found out that social media allows companies to connect with their customers, improve awareness of their brands, influence consumer's attitudes, receive feedback, facilitate to boost current products and services and increase sales. There is considerable decline in traditional communication channels and societal reliance on bricks-and-mortar operations which has forced companies to seek their supreme practices of social media marketing strategies to not only maintain but to also increase market share. Significant challenges exist for organisations developing their social media strategy and plans within a new reality of exaggerated power within the hands of consumers and greater awareness of cultural and social norms. Nowadays, consumer complaints can be instantly communicated to millions of people (negative electronic word-of-mouth) all of which might have negative effect on the business involved.