One may be forgiven to think that social media, for instance twitter, Facebook, among other platforms, has been in existence all life. Oh no!! It is approximately a decade and some few years old. In that least time of existence, social media has however taken the world by storm- business included, in particular building itself an almost inseparable relationship with business. business an d social media have become more like different sides of the same coin for currently, social media has really changed, influenced and impacted the way business is being done all over the world a great deal (Nordmeyer, 2014).
Social media has become an integral part of business and marketing. With considerably more than one quarter of the total time being spent online dedicated to networking and making new links, social media users and online consumers are using the social media platform to make purchasing decisions and do business as businesses much utilize the social media platform in return to meet the consumers and engage them in making purchases as they display what they have to offer them for business over the social media platforms (Nordmeyer, 2014).
Big or small, businesses have realized that social media can be of great benefit for business revolves around the effectiveness and efficiency of communication, which social media can reliably serve. Greatly, social media facilitates two –way communication between the business and its clients hence supporting the business processes and objectives like building good and healthy customer relationship management, offering a fast means to market research, facilitating market share growth and expansion, customer acquisition and retention, product awareness and marketing, cost setting and control, recruiting of labor, making sales and ensuring good public relations for the business (Nordmeyer, 2014).
Social media presents the noble opportunity to build and maintain a very strong business relationship between the business and its customers. Via real time online links, the business can effectively and efficiently pass information to its clients on new brands or developments. Through this, the business may also benefit freely from a word of mouth form the client as to how a certain product will best fit their interest allowing the business to profitably meet the interests of its clients to the best. As guaranteed by social media, the he greater the frequency and degree of engagement, the stronger the relationships become and the greater the impact of the relationships on sales, customer satisfaction and product reputation (Nordmeyer, 2014).
Business often expand their market share and reach new customers through the social media as they can easily convey their corporate messages and broadcast positive customer feedbacks on products thus attracting more customers. Also social media has become a perfect channel to conduct market research through exploring different cultures, lifestyles, views that may have impact to customers’ behavior towards a certain product. social media offers a ream to profile a target audience towards developing marketing and advertising methodologies and strategies. The social media conversations also help businesses highlight their negative performances and weak points which they can then correct for the better. With social media, product marketing has become so simple yet more effective making businesses achieve the much needed competitive advantage in the market as they can do more sales since the clients can get the product information first hand and interact freely with the business for a tailor’-made attention (Nordmeyer, 2014).
In a nutshell, social media has become the ‘thing’ in modern businesses. The impact of social media on business can never be assumed. Business have really benefitted from the social media as they can now build on a real time relationship with clients, make sales and product awareness with lots of ease and also identify their loopholes and capitalize on them for better customer satisfaction (Nordmeyer, 2014).
Billie Nordmeyer, (2014), The High-Level Business Impact of Social Media, Demand Media. Web: http://smallbusiness.chron.com/highlevel-business-impact-social-media-38816.html, on February 01, 2016.