The deep proliferation of social media in the remotest parts of the country has made it a lucrative platform for businesses to enhance their brand presence and reach out to a wider audience. Social media has transformed the daily lives of people to a great extent. Building seamless connections, it has converted the whole world into a ‘Global Village’.
Outlook on the Impact of Social Media on Business
The increased usage and popularity of various social media platforms has urged companies to fortify their presence on social networking sites like Facebook, Twitter, and Pinterest etc. The famous proverb, ‘Customer is the king’, states, how crucial it is for companies, to stay connected with their customers. The more live and active companies are on social media sites, the more they will be in the eyes of their patrons. Such is the impact of social media on business communication.
FOMO i.e. the fear of missing out on what’s happening in the world has urged today’s tech-savvy generation to be in constant touch with their facebook and twitter accounts. The situation makes it easy for organisations to market and advertise themselves on such platforms with an increased probability of grabbing consumers’ attention. Due to the fast-paced lifestyles, people are constantly on the move to catch up on the latest happenings around them, providing companies with more scope to attract prospective customers and retain the existing ones.
The huge impact of social media on business communication cannot be overlooked. Gone are the days when the telephone was the only means of business communication. The advent of social media has metamorphosed the scenario completely. Earlier, social media was just a means of staying in touch with friends, acquaintances, relatives etc. Gradually, it developed into a global converging point of companies, institutes, individuals as well as communities. As such sites are free to join, companies can find a vast network of people whom they can target and communicate with, without impacting cost to the company. It has become a great marketing asset for business organisations where they can advertise themselves and indulge in direct communication with their patrons.
Advertising on social media platforms is now considered to be more valuable than spending a fortune on advertisements on television or print mediums. For instance, by creating their own Facebook page and keeping it updated on a daily basis, brands can increase their visibility and attain top-of-the-mind brand recall. Once the process of ‘clicking on the like button’ gains momentum, then there is no looking back. Due to this, social media promotion of brands is gaining traction. Companies are now leaving no stone unturned to elevate their website traffic and create a buzz in the social media environment.
Also, customers use social media sites to know the reviews of companies and their products and services, which finally determine their purchase decisions. Often it so happens that companies create a negative image in the minds of their patrons. This can be improved by directly engaging with customers on social media sites.
When companies devise social media strategies, it’s essential that they gain better understanding of their target audience. Social media sites have hordes of people and everyone might not be a potential customer. This makes it necessary to determine the target audience in order to attain maximum utilisation of such online platforms.
Being the fastest and easiest way to communicate, companies are leveraging the platform judiciously for effective business communication. Adequate and efficacious communication is the mantra to enhance brand visibility and stay in constant touch with the consumers. Hence, in today’s intensely-competitive scenario, social media has emerged as a vital tool to connect, communicate and engage directly with the customers.
Due to its ubiquitous nature, social media has become the latest mantra for channelising corporate communications and achieving remarkable success in one’s competitive sphere.