Impact of Social Media On Business In This 21st Century
Many are times, we do ask ourselves what the internet is and why the use of the internet by the youth now. Well, these questions, in a way, still remain unanswered properly. Another on the board now to be answered, is social media, its impact on business in this 21st century.
For this, we will try to tackle it by giving at least some impact of social media on business. First of all let’s get what social media is, who found it, and its benefit to the world.
What Is Social Media?
Dictionary from Oxford Languages explains Social Media as websites and applications that enable users to create and share content or to participate in social networking.
The insight of this definition means social media are social platforms, which offer numerous individuals to socially connect with one another with the aim of networking. With these media platforms, people are able to interact with other users from all over the globe, form rapport and also, talk about things that could aid development, be it personal, professional, social, and for a country indirectly.
There are numerous social media platforms that are developed, created, or founded by different individuals to make enable human-human networking, and make it easy for users to get to whoever they intend to connect.
In this vein, we will consider Facebook, which is the biggest ever used Social Media platform by billions of users across the world. Facebook, which is now under Meta, the mother company name, is founded not by only an individual, rather it is brought up by about five powerful individuals, who worked together to make their efforts see daylight.
These founders are Mark Zuckerburg, Andrew McCollum, Eduardo Saverin, Dustin Moskovitz, and lastly Chris Hughes. Among these people, Mark Zuckerburg remains vibrant and the one known to be the owner of Facebook. There are other social media platforms that we would not be able to enter into detail on.
However, let us take note of them. We have Twitter, Instagram, LinkedIn, TikTok, Snapchat, Telegram, WhatsApp, etc.
What is the Impact of Social Media on Business?
This is actually what we will try to look at. Due to dynamism in the world economy, it is undeniable fact that the new methods of building customer relationships in this 21st century are staged by social media.
Social media can help one to market their businesses, products, and services. It can help businessmen and women engage their customers even as they interact with each other from different geographical locations.
The following are some advantages associated with social media. They help to:
• attract customers, get customer feedback and build customer loyalty.
• increase your market reach, including international markets.
• do market research and reduce marketing costs.
• increase revenue by building customer networks and advertising.
• develop your brand.
• exchange ideas to improve the way you do business.
• recruit skilled staff for example through job networking sites like LinkedIn.
• increase traffic to your website and improve its search engine ranking.
• keep an eye on your competitors.
For anything that has a good part, also has bad parts too. This is why we take a look at the disadvantages of social media in this 21st century.
Not every business need social media for its marketing, so be aware that:
• if you don’t have a clear marketing or social media strategy, the benefits may be reduced.
• you may need additional resources to manage your online presence.
• social media is immediate and needs daily monitoring.
• if you don’t actively manage your social media presence, you may not see any real benefits.
• you may get unwanted or inappropriate behavior on your site, including bullying and harassment.
• online exposure could attract risks such as negative feedback, information leaks, or hacking.
• false or misleading claims made on your social media (by your business or a customer) can be subject to consumer law. You could be fined if a customer fan posts misleading or deceptive information, particularly about competitor products or services.
Whatever the risks, having a social media strategy and preparing your policy and procedures carefully beforehand can help you manage them.