Logically, every entrepreneur or any other business/economics minded person across the globe would develop the urge to know and/or understand the impacts of social media on humans’ daily lives. This would be in regards to the diverse ways in which businesses can tap the power of social media in order to upsurge their sales, directly reach their target audience or consumers, and minimize their marketing costs. Socialnomics thereby drills deep into the ways in which businesses, consumers, and the entire society come together through creating both offline and online relationships in order to take a grip of the profound implications of the social media on the world’s economy and businesses operating within it.
Social commerce, social search, online word of mouth, mobile apps, as well as the influence of peer-groups are jointly making the traditional marketing strategies archaic. Consequently, people (mostly entrepreneurs) no longer have an option on whether to go online via the social media or not; it is their obligation to do that or else, face the wrath of business failure. Therefore, the only choice is to question when and how well it can be done. If not everyone, then a significant percentage of the world’s population is now familiar with at least one of the social networking sites such as Facebook, LinkedIn, Twitter, Instagram, Tumbler, and WhatsApp among others. These sites have gained sufficient fame to an extent that has made them more than just a platform for people to socialize; they have become very effective tools for marketing, with great impacts on small scale businesses.
Social Media Takes Digital Businesses to another Degree
Both small and large scale businesses currently use the social media to inflate their networks and grow their clientele. People in different levels of authorities within the business and organizational set-ups employ the social media in order to keep in touch with each other, their subjects, clients (consumers), business friends, family members and other individuals who could help enhance the business or organization success, hence economy’s upsurge.
Social Media vs. Education
Digital and hopeful college students are now able capable of zoning together in the social media in order to get into the courses and schools of their dreams. Additionally, they are able to discuss their educational affairs, class activities and learning programs with their tutors, as well as sharing the available learning materials and videos through the social media. These altogether forms the basis for the success of learning institutions, thereby producing experts and specialties in different economic sectors.
Impacts of the Social Media on Small Businesses
– Easy communication between businesses and their clients: The more businesses and organizations communicate to their clients/customers, the more they learn and continue using the social media, thereby making it easy to interact or talk with their target audience in a friendly and non-formal environment.
– Platform for conducting market research: The Social networking sites offer businesses and organizations a perfect platform for conducting market research since one can obtain information and learn much more about consumer habits as opposed to other forms of survey and research.
– Social media offers the platform for personal advice: Through word of mouth advertising, friends are capable of sharing information about a particular company with others. As they talk positively about the company and possible customer experience with the company’s business activities. This can thereby encourage other people to choose the company and the products and services it offers.