Social Media and the Business Landscape
Informal statistical analysis in Canada shows that an overwhelming majority of Canadians own at least one social media account, and a good chunk of them use their social media presence to promote or support a business in one way or another.
Such a finding only means that if a business is to survive in this day and age, social media platforms cannot be ignored. Just what opportunities do various social media platforms, and the internet in general, present to the new business world? We present some of the most important opportunities here.
Social media is good advertising grounds
With the rise of mobile phones and other handheld gadgets, watching TV has become less and less relevant for the modern Canadian. With their gadgets and access to the internet, individuals can just go to a corner and play their favorite shows. This is convenient not only to the individual but also for others who might not be that interested in watching a show at that time.
Given that scenario, showing ads on TV has lost significant value. There is now a need to augment it with ads on social media platforms such as Facebook and YouTube. Failure to advertise through such platforms might lead to a significant decline in the company’s ability to reach customers with actual buying power and readiness to receive such suggestive communication.
Social media enhances company-customer interactions
In order to stay relevant, a company must offer products and services that its target market considers relevant. Relevance happens to be a very changeable concept. Given the fast pace with which a lot of people now operate, it’s highly possible that what’s relevant today might not be as relevant in the coming weeks. With an established social media presence, corporations become better able to keep up with the trends. They can conduct quick polls such as those on Twitter. They can also look at people’s posts and analyze them with the help of social scientists. Once they know what’s in and what’s not, they can package their offers in ways that the target market considers palatable.
Communications become more targeted on social media
A regular Facebook user would know that the ads being shown to them are actually influenced by the things that they have been searching for recently. Social media platforms have algorithms that help mine search data and detect patterns in them. This is very valuable, especially to corporations that are just starting and are in need of a more targeted approach in communicating their relevance to their audience. Access to such algorithms will come with a fee, but it’s a very valuable investment.
Given the benefits that the Internet and various social media bring to the table, every corporation should start incorporating social media concepts in their corporate governance systems. They must make clear where their organization stands in the whole virtual landscape. The corporate leaders should also clearly state how the organization is going to use social media leverage to create value for its shareholders and customers. Practitioners of business law will be of great help in properly articulating such intentions and plans.
We hope you enjoyed this promoted piece as much as we did!
