Social Media: A Mine of Business Opportunities

Social Media: A Mine of Business Opportunities

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Over 25% from the Fortune 500 companies have public blogs, 35% come with an active presence on Twitter. – College of Massachusetts study

Based on a quote top ten Social Networking advertisers got greater than 20 billion impressions around 2012.

Among the firms that were in the list above commented that soon individuals will stop speaking about this as it is this type of common expected communication funnel. A few of the early wild birds who recognized the limitless potentials from the concept in the industry world and implemented it have previously began reaping the advantages.

Social Networking is about co-development of the information within an interactive manner by someone who’re linked to each other though some funnel. Web 2 . 0. facilitated growth and development of its platforms (e.g., Twitter and facebook etc.) where individuals can make such contents, have discussions, express ideas and publish other media elements (photographs and videos etc.) and make virtual communities where these contents could be shared and evolved. Business organizations can leverage this platform for creating brand identity, fostering collaboration, creating understanding pool and finding sources etc. more proficiently.

Notes: There are various opinions regarding the phrase Social Networking and Social Media, as well as their scope overlap. This document views Social Networking like a bigger concept and Social Media among its prominent implementation channels. Social Networking itself covers another channels, e.g., blogs, virtual communities etc. too.

What’s Inside It?

Mainly goal driven organizations are leveraging the Social Networking for achieving one or most of the following objectives:

Productivity improvement

Operational efficiency optimization through collaboration, communication and feedbacks

Innovative and inventive products, solutions formulations and problem-solving

Business Relationships improvisation- customers, employees, partners, suppliers along with other stakeholders

The majority of the online users spend a lot of their internet time around the Social networking sites. Which makes it a great medium for advertisements and promotions. Although total advertising expense onto it is comparatively low in comparison to the overall advertisement spending on the internet but it’s growing and can soon get caught up. A great deal a lot of companies are utilizing it for creating brand awareness and promoting their goods.

Since people interaction is in the centre from the Social Networking, news here runs with the person to person. Which offers an avenue for obtaining new clients in line with the recommendations of some other happy and satisfied customer. A lot of companies have previously began thinking about surveys like a factor from the dead past and employ it to get customer comments and gratification levels. Interestingly it offers an chance hearing the feedbacks provided to the competitor’s products too that is one the best value-add which is free. This same group of feedback could be compiled and examined to get the marketplace trends, product comparisons and so forth.

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