How social media have impact on businesses?

 Social media influences business either positively or negatively. Whether it is a start up business or any big corporate, all of them agrees that social media plays a major role in their marketing purposes. Also, all the online as well as offline businesses which are having their online market are using social media for the digital marketing purpose.

AS per several reports, most of the customers who are having great experience via the social media services of any company; they are more likely to recommend that product to others. From this we can understand, how important the social media for any businesses is.

For a business to keep their competitive pace maintained, they required to leverage on the popular social media platforms. Those businesses that are not having their online as well as social media presence, they are more likely to thrown out of the industry by their competitors.  

With the social media, the companies will get the option to easily get connected with the potential audiences, and their main customer base. Along with connecting with the customers, the social media platform also helps the businesses in increasing the brand awareness, boosting the sales as well as leads, and many more. Also, with the social media, the businesses will get the option to cover the audiences from all around the globe.

Here in this guide, we are going to discuss on what are the impact of social media on businesses. But before jumping on the main topic, it is essential that we should learn the importance of social media for businesses. 

Importance of social media for businesses:

Social media has transformed the businesses to much extent. These days, the social media is taking the face of one of the major aspect for the digital marketing. It helps incredibly in reaching wide population and all the potential lead across the world.

For a Small business as well as CEO of big company, it is required that they should know that how important is the social media for the businesses.

Following are some question that you should consider while planning for the social media strategy:

  • Best channels for approaching our significant leads
  • How can we use these channels to target the audience?
  • What should be the objective for the strategy of social media?

These proved that social media impacts immensely on the businesses and it can be considered as the best marketing channel for approaching more and more customers.

Given below are main key areas where social media plays a very crucial role. These are:

Creating brand

Most of the big companies prefer social media as their main platform for increasing their brand visibility. Not only for big companies, have social media platform even providing the small as well as startup the best platform for creating their company as branded. 

Bi channel engagement

Another benefit of social media platform is that it also allows the customers to provide feedback and the company to respond on the feedbacks. This helps the company to keep their customer more engaged and thus increase the customer overall satisfaction.

Business expansion

With social media platform, it eases the interaction between customers and companies and thus overall increases the popularity of the company. This helps in the growth of the company and helps it become a brand soon.

What are the positive impacts of social media on businesses?

 

Following are some of the positive impacts of the social media on businesses:

With social media, the company will get more convenient omni channel for the customer satisfaction:  

Since with social media network, customers get better response from the company, they prefer social media over other networks. Also, from the company’s point of view, social media provides them the option for the channel where the customers can send their feedback or review the product and the company can respond them back.

This helps in increasing the customer engagement with the company and thus helps in boosting the online visibility of the company. Different social media channels like Facebook, LinkedIn, twitter, Instagram, and many more are preferred options by the company as they provides the seamless customer service experience.

For approaching bigger audience

Since social media platforms like Facebook are having more than 1 billion active accounts, it is undoubtedly the most convenient way to approach the huge audience. With almost half of the population on social media, it is an ideal option for brand awareness.

Competitive advantages

With social media, the company can also search for their major competitors and collect their data available online. These data can help the company to know the major strength as well major weaknesses of the competitors and thus help them deciding more data driven business strategy.   

What are the major negative impacts on businesses?

Like everything in the world, social media with some many positive impacts are having some negative impacts for the businesses as well. These are:

Increased customer power

After the digital wave, the power of marketing is more in the hands of customers. Now the single mistake by the company can be exaggerated by the customers and turn them into a major sensation on internet.

Data stealing

Data stealing is another major negative impact associated with the more use of social media by the company. Sometimes, by mistake, the company might upload their confidential data which must not be in the market. This can either impact the reputation of the company or might empower the cyber criminals to misuse the data.

Poor interaction by company

Sometimes, company might fails to interact to respond to all the customers, this will lead to negative customer experience and might decrease the customer engagement.

The bottom line

SO these are some of the major impact of the social media on businesses!