Q This report is basically going to discuss in depth about the impact of social media in business with different aspects Home, - Social Media in Business Part 2: 1. Introduction With the advancement in technology, the entire working process of the business industry has changed upside down. Among them one such thing is social media and its impact of business cannot be described in just words. There a ton of benefits which social media provides to business organization why is why they grabbed the opportunity with both hands to increase their profit margin. Starting from increasing brand awareness to reaching out to millions of people out there, social media has it all which is needed for an organization to grow and develop in the market. It has become a platform of marketing for many organizations and they ignore the traditional way due to amount of people which can be reached through this platform. More than 70 percent of the population in today’s world use smartphones and with it comes the internet where the entire system works. This report is basically going to discuss in depth about the impact of social media in business along with different aspects, issues, necessity, improper usage of social media. Furthermore, the report also includes a recommendation on how to social media in such a way that they can increase and expand their business with the ability to attract a lot of customers in the market. 2. Social Media in Business Social Media is basically a type of internet service that helps the people to interact with the different people and share the contents that are essential by the help of the online community. The social media platform is considered as the best technique in the technologically advanced era to present various opportunities for the businesses. As mentioned by Ainin et al. (2015),the social media provides various uses to the business as it can help the business to make a promotion to the brand by regularly posting the contents that can be noted by different people around the globe. The social media also allows the business to explain a large number of audiences about the products and services in an effective and efficient manner. Moreover,Hajli, (2014), said that social media is considered as a mode to gather the desired information about the customers and also gather the feedback regarding the products and the service. The social media is currently used by millions of people around the globe and can effectively help the company to understand the issues and benefits of a product. Moreover, social media is also used by the different businesses to attract the customers like Amazon. Amazon being an E-commerce business uses the social media posts to create a relationship with the customers and also improve the relationship with the current customers. 3. Impact of Social Media in Business ? Increase brand awareness: One of the biggest impacts of social media in business is its ability to increase brand awareness. This is mainly because social media is a huge network where there are various platforms such as Facebook, Twitter, YouTube, Instagram and other platforms where one can promote their brands using attractive advertisements. This is the latest from of advertisement which business organizations use in order to reach out to millions of customers out there. It is an innovative marketing approach which is the latest trend in the market that people follow. ? Boost sales: With the ability to reach out to different customer, obviously the sales are going to increase and with more people knowing about the business the attracting will also be more. According to Ngai, Tao & Moon, (2015), social media largely impacts in boosting the sales of an organization by connecting with different people out there. This is because the content which is uploaded in that platform can be viewed by anyone without even paying for it. The customers are not bound to buy products if they visit their website, it is their choice if they want to buy it or not. ? Increases communication: Another major impact of social media is that it increases the communication in a far better way between the consumer and the business. As mentioned by Siddiqui & Singh, (2016),consumers can provide feedback about certain product if they do not like which the organization can listen directly by reading the posts and reviews in given by them in those platforms. They can then make changes accordingly and this is always a positive side for an organization who wants to achieve their desired goals. 4. Different Aspects of Social Media There are various aspects of social media for a business as there are benefits as well as disadvantages that are related to the social media.Jussila, Kärkkäinen & Aramo, (2014) mentioned thatsocial media is considered as a fast, inexpensive and an effective method to attract the large number of populations from the different parts of the globe. From a statistical study it was seen that there is currently a population of 7.593 billion people all around the globe and among such a huge population around 4.021 billion people are internet users and around 3.196 billion people are highly active on the social media websites. The social media population in the current year has increased up to 42 percent that allows the businesses to reach the customers. The people around the world are highly active on the social media websites that allows the organizations and the businesses to take it as an advantage and reach the maximum number of customers. As stated by Trainor et al. (2014),the Absolut Vodka is a liquor company that used the social media to promote its brand which was regarding the product Spark Bottle and the company also used the social media platform to enhance the brand awareness as well. The companies are currently understanding the different uses of the social media in business as an opportunity for every brand including small business to large businesses. 5. Issues of Social Media for the Business As every good thing comes with something bad, same goes for social media as it too has some issues that needs to be mentioned because it can harm the business of an organization There are several issues which are related to social media that affects the business of an organization and are mentioned below: ? Social media security issues: According to Dijkmans, Kerkhof & Beukeboom, (2015),one of the biggest issues which one faces with social media is security issues. There are different types of security issues such as hacking, ransomware and virus attack, phishing and brand impersonation, stolen passwords and uncontrolled user access are some of the serious security threats. ? Weathering the negative feedback storm: While social media can be regarded as a powerful tool for business organization to connect to the customer and building reputation, it can equally damage one’s reputation as it is perfection place where they can share their bad experience with the product or services. After one person share their experience there will be thousand who will come and share their bad experience too which can put a huge impact on the entire reputation of the business organization. ? Creating presence takes time and effort: In social media, there are already thousands of business who are selling similar products because of which attracting customers could take some time. Issues related to finding appropriate content is essentially necessary in order to successfully attract customers online. ? It’s not really free: Social media is often considered as free and it is true at for only at the base level but for properly managing the presence in social media cost a lot of money. 6. Necessity of Social Media for a Business There are various needs and requirements of social media in a business and the main reasons for the same are stated as follows: • Driving of Target Traffic: Being in any industry and operating any business, it is essential for the organizations to make adequate use of the social media in the business. As stated by Kumar et al. (2016), the audience and segments that are found by the help of the social media websites are helpful in generating the desired traffic particularly the new content that is formed by the organization. • Increasing Reach: The social media is capable of increasing the reach of the of the marketing. The organization majorly needs to support itself by developing new content to attract the customers by the help of regular posts. The reach on the posts can be seen by the organization and the presentation of the content can attract the high number of reaches. • Social Media Marketing to Understand the Audience: According to Kaitmazov, (2014),the social media is capable of allowing the business to understand the needs and demands of the customers and try to launch a product that is similar to that. Moreover, it is also essential to understand that the benefits of the customers can be maximized by understanding the demands. • Relationship with Customers: By the help of the social media implementation in the business strategy it would be easy for the company to build relationship with the large number of audiences within the smallest span of time and most importantly in an inexpensive manner. 7. Disadvantages of Social Media in Business Social media is not for every business because it may not suit them. If a business organization is unprepared and puts their content in social media, then it would surely be a waste of time and money. There are some disadvantages associated with social media and these are mentioned below: ? Without having a proper social media marketing strategy can led to reduce profits. ? In order to make the presence fell in online daily monitoring in required or else no value. ? Only putting normal content related to business is not enough to attract customer, additional resources are necessary. ? There is a risk associated with unwanted and inappropriate behavior such as harassment or bullying. ? Also, greater exposure in social media can attract risk like hacking, leaked information and negative feedback. 8. Negative Effects of Social Media in Business The social media being such a powerful tool is used all around the globe by the most popular brands but it is incorporated with the different negative effects as well. The negative impacts of the social media business are basically explained as following: • Burden in the Shift of Market: There is an involvement of various risks related to the campaigns as it might not be possible to invite the customers and the campaign might be declared as unsuccessful. In the social media posts rather than posting just the benefits the content should be elaborated and described for the understanding of the people which increase the burden of marketing. • Power of Customers: According to Jain, Joshi & Shashi, (2014),the poor experience of the customers regarding a specific product majorly provides an impact on the entire organization and the por reviews also restricts the other people on the social media to avoid purchasing any product or services from the company. • Employee Issues: The social media is also considered as a powerful weapon in destroying the brand image. The issue or conflict with an employee can result in the negative impact on the organization and could also hamper the image of the company in terms of employee engagement and relationship with the employees. 9. Recommendations for Adequate Implementation It can recommend that business organization should focus in latest trend and create their own content and then put it in social media with proper marketing campaign. Furthermore, regular updates and monitoring is required to make the presence felt in front of the customers as well as they should also keep in mind that at times negative feedback will come. In that case, the business organization just cannot ignore those negative feedback or else people will think whatever is being said is true. They need to apply better strategy to dilute the negative comments with positive comments and quality services and hence will them to grow and develop in the near future. 10. Conclusion It can be concluded from the above assignment that the social media is tool in the recent days that can help an organization to grow or fall down. The proper implementation of the social media in the business could improve the current position and the improper usage of the social media could result in the downfall of the business. The different sections of the study explained that the social media is helpful in determining the different opportunities and should be maintained in an adequate manner to enhance the customer base for the business.
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