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Social media impact on business performance
The link between social media and business
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Despite the benefits social media offer to the majority of the organizations, many companies also associate challenges with its adoption and use. With the advent of social media consumers have become more active in producing online content through which they have the ability to express their needs, form opinions, share information, evaluate products or services and create communities. As a result of this change in customers' behavior, companies nowadays have lost their absolute control over their online presence which transforms them from closed organizations to open creating often big variations in the structure and the company's culture (Kuikka & Äkkinen, 2011). Although challenges are numerous we will try to highlight the most common and important ones. One of the biggest challenges in social media is establishing a relationship with your visitors and maintaining a back-and-forth conversation (Zimmerman, 2010). A lack of engagement may presage a lack of brand recognition, loss of customer loyalty, and reduced referrals from visitors to their friends or colleagues. Another major...
Teen are being slain by cyberbullies everyday. Not all social media is good for teens. Even no social media is better. Almost every teenager has a cellphone or some sort of device that lets them check their social media. Many websites like Facebook, Instagram, and snapchat are bad and can cause teenagers to do bad things to themselves or other people. Banning social media will make teens have better grades, be more safer, and have more self confidence with less depression.
Social media is at the core of many marketing plans for corporations in the United States and world-wide. One of these companies at the forefront of social media use is Wells Fargo Bank, N.A. (Wells Fargo). The ability to directly contact customers and potential customers in a real time online environment is crucial to the bank / customer conversation and reinforcing the company’s place in a customer’s mind as the entity that they want to do business with (Wells Fargo Bank, 2014). This case study will discuss the current status of Wells Fargo’s use of social media as a means to building their customer base. Additionally, historical information on the process of the marketing move to social media will be presented and the development of the roles that are involved in this marketing strategy will be discussed. The impacts to the public sphere and society at large will play into the discourse of the social media topic and finally, the underlying theories will be discussed as they pertain to Wells Fargo and social media.
Brian Solis the author of Engage: The Complete Guide for Brands and Businesses to Build, Cultivate, and Measure Success in the New Web once said “Social media spark a revelation that we, the people, have a voice, and through the democratization of content and ideas we can once again unite around common passions, inspire movements, and ignite change” (INSERT CITATION).
A. M. Kaplan and M. Haenlein, ‘Users of the world, unite! The challenges and opportunities of Social Media’, Business Horizons, vol. 53, no. 1, 2010, pp. 59-68.
Many organizations have had to change the way they operate because social media has become such a powerhouse that has to be implemented in their marketing and communication strategies.
The challenges and risks that social media brings to higher education range from small distractions keeping students inattentive in their studies to serious legal concerns. With the rapid advancement and impact of social media, potential for cyberbullying, and possible slander, many higher education institutions realize the need for changes in policy. Administrations cannot stop the force of social media. Scholars, like Rodgers, feel that creating new policies are an attempt at establishing control to protect the institution. Instituting social media policies are the best way an institution can safeguard itself for legal purposes.
74% of customers rely on social media to help them with potential purchases (Chignell, 2016). This stat alone shows how critical it is for companies to interact with customers online or they risk losing that customer to a competitor. Wendy's does a great job of interacting with customers as 95% of their tweets are in response to customer questions (Cipriani, 2017). By answering questions directly with customers over Twitter, it not only helps build relationships with customers, but it also helps market the Wendy's brand. Additionally, 53% of customers use social media to recommended products and companies to their followers (Chignell, 2016).
Effective communication in an organization is one of the components of its success. Managers are charged with navigating communication obstacles while making every effort to harness its benefits. This onus placed on managers is compounded by organizational advancements and the application of new technologies. One relatively new organizational technology being applied is the use of social media. Social media creates communication issues yet conversely alleviates specific communication barriers by playing several roles within organizations today.
Social media is an imperative public relations tool for companies to utilize in their business practices. Social media cannot be regulated so anyone can say what they please about the company, whether it is good, bad or ugly. Social media is developing rapidly and there are new platforms
Social media is pertinent in use of communication throughout today’s organizations. There are many social media platforms that allow organizations to convey communication to potential consumers, stakeholders and the public. “It is essential for leaders to integrate these technologies and seek the best way to use social media and networks to the advantage of the business” (Billington, 2012, p.1). Business owners find that keeping up with current technology trends is essential in having a competitive advantage in the market place and having a strict set of standards and strategy is important in quickly adapting to social media trends.
The first advantage of using social media in business is increasing brand awareness. Social media can help business to build their brand awareness by increasing interactions with a business brand. Brand awareness means the total percent of a target people who know the company exists and what the company offers of products or services. When the brand awareness is increased, the possibility of buying is increased. Thus, efforts should be made to make the brand a part of the consciousness of customers. For example, Coca- Cola is one of the best companies that enjoy unusual...
...etween consumer to consumer online, it is even more essential for brands to build an interactive community on Social media so that their brand is positively shared and liked amongst consumers.
Since the introduction of internet in the 1990’s, its importance worldwide has always grown tremendously. From the first email send to the domination of Facebook and other social media websites, it has changed the way people communicate. The use of social media is increasingly becoming the preferred way people share their daily activities, ideas and knowledge and that is why it’s the most talked about and used platform. Many companies are encouraging their employees to use various social media platforms and engage online for office productivity, posting opinions and presenting their thoughts. Corporations realize that Social Media tools such as blogs, forums, podcasts and social networking websites makes internal communications faster, more convenient and effective. Social media is a low-cost, high-impact tool that can also complement and reinforce your existing communications efforts. It gives a new dimension to internal communications in many ways: building relationship with employees, leads to diverse thinking and innovation, and reduce costs and Increase Productivity. Social media has impacted positively in the business world, but its downside has impacted teens in high school, with issues such as cyber bullying, and people using Facebook and twitter to get over their boredom and research proving that the more they use social networking websites the more envious they feel.
Social media avenues are a new, upcoming, and popular way to advertise for businesses and for people to connect to each other. Alexis Ohanian once said that "Being effective at social media, whether for business or personal use, means capturing people who have short attention spans. They 're only a click away from a picture of a funny cat, so you have to make your thing more compelling than that cat. And that can be a high bar." (Ohanian) Powerful usage of social media can have a big impact.
According to research, these social media platforms provide a great field where businesses are able to directly interact with their customers. This thus has made it possible for such businesses that have adopted the use of social media to receive feedback from customers regarding the quality of their services and products. This is a positive effect of social media that have made it easy for many businesses across America to develop their customer base (Laroche, Habibi, Richard & Sankaranarayanan, 2012). Advertisements and other important information is passed to the target population through social media which is also considered to be effective in the long run. With regard to the business culture, it is clear that the traditional forms of conducting business have been eroded.