SOCIAL NETWORK IN BUSINESS
Social neHvorks in the businesses are growing at a rapid pace for connecting v•ith the targei audience that spends their time in the popular social nenvork sites. When busJsses are linked to social media nenvorks they generate more revenue and they are able to connect with the customers for serv'ing them better. As stated by Turban «f of (2017), the social neMork in the business places helps with the online marketing that is essential for the growth and development of the company. Businesses should use ne6vorks like Facebook. To iller and Linkedln for keeping up with the growing pace of competition. According to the present reports, 2 million business use Facebook advertising for promoting their services and products. The social media platforms are able to proc ide data to the businesses about their customers and it is an easy way to reach the customers. As stated by Borgatti e/ at (2018). lhe businesses can benefit from the social media sites by belting valuable information about their customers, increases the loyalty and the brand asareness of the customers, helps in targeting the righi audience, helps in the generation of high converting leads and provides rich experiences to the customers. On the other hand. the disadvantages of social media in businesses are the loss of the business due to improper social media strategy, daily monitoring needs and inappropriate behaviour which involves harassment and bullying.
In this project, we are going to discuss about the literature of social network used in businesses. The main discussion will be about the several advantages and disadvantages related with the social nenvorks used in businesses, The social network help the businesses by spreading the news and this helps with the exposure of the businesses. It helps with the development of the company by improving the relationship with the target audience.
In this project, the different functions of social network in businesses will be discussed in details along with the advantages and disadvantages of using social networks in businesses. It is a pan of the pro.ject planning that deals with determining the deliverables and goals of the project.
The role and importance of web based technologies are rapidly growing in ltte business end ironment and it is widely accepted by the academics and practi ers. As stated by Scott (20 I . social media can be regarded as one of the most recently emerged *eb based technologies. Therefore. social media can be defmed as the platform. media and online applications which aim to facilitate collaborations. sharing of content and interactions. Social media can also be used as the term Web 2.0’ and the following categories help in the identification of the social media:
Blogs- This includes the online journals of the enterprises combined with x'ideo or audio podcasts.
Social nenvork- This can be iermed as the application that helps the users to build personal websites that are used for the purpose of exchanging content.
Content communities- This can be termed as the websites that shares and organizes content of certain particular ty pcs. Fomms- This can be termed as the sites which exchanges ideas of special types of interests.
Content aggregators- This can be termed as the application that allows the users to customize fully the web content according to their wish.
As stated by Turban ef nI (2015), the importance of social media is largely depe ent upon the communication between people and in the facilitation of immediate, asynchronous, interactive and low cost communicauons. Social network sites can be conJered as the central main thing of the network resource of the organizations thai is linked with the business performance and strategic value. As stated by Arregle ef al (2015), the social network sites help the individuals to form a profile of public or semi-public nature in a q'stem which is bounded. In these sites, the users share a connection with the other users for view ing the lisi of connections. In case of large social network sites. the individuals do not want to meet neo people but to manage the relationships with the old friends. Thus. social nenvork sites can be termed as the alternative communication tools that help to support the existing activities and relationships in a fun way thai deepens the experiences of the users. As stated by Arregle ef al (2015), new social media nenvork sires have emerged that attracts especial groups which are based on demographics and form communities that comprises of people with the same thinking.
As stated by Serrat (2017), there are many evidences thal prove social media sites have become mainstream globally and this can be justified by the 54 % of users the are aged between 16 to 24 years and have set their profiles in social nenvorking siles, The audience of the social network sites are huge bthe present times and this can be proved by Facebook that have alreaJ 710 million users. On an average, a user of Facebook has near about 130 friends and is connected to 80 groups, community pages and events. As stated by Ellison et of (2015). the social neMork sires
SOCIAL NETWORK IN BUSINESS
helps to connect with the audiences that are hard to reach and hax’e drifted away from the traditional media. From these it can be gathered that the use of social nenvorking sites is increasing at a high speed and the knowledge is shared among users all over the globe, The social networks are becoming more active with the rise of the activities such as economic such as shopping, marketing such as brand building, social such as physiological and cultural and educational such as distance education. These actii'ities are becoming important in the activities of the business and helps with the growth and development of lhe business. This can be due io the factors of emerging rise of the users on social network sites,
Mocking and Advectising
From the reports. ii is gathered that the action of the audience is shifting iooards the online channel as 52 % Europeans stny online at home. Among these 36 % of Europeans that are internet users watch less TV, 28 % have stopped reading newspapers and 17 % have stopped listening to radio after going online. Due to these changes the conventional media have suffered losses and their revenue has decreased. Due to these a significant amount of advertising and marketing activities have shifted to online channels which can be termed as social network sites. As stated by Ellison et at (2014), the marketing scene is changing due to the inieracti›e digital media platforms. These platforms have provided powers to the consumers to share. connect, create and collaborate for bringing in changes to the marketing scenario.
The plaforms of social media such as Facebook. YouTube, Twitter and Instagram have started altering the states of advertising. promotion and marketing. This platform provides information and it has helped the businesses to cut off the traditional middlemen and connect directly with the customers. An opportunity of online marketing is proc ided by the social network adi'ertising and it helps to narrow the gaps between the activities of advertising and sales which are necessary for getting th r«dback of the customers. Due to these reasons every business nowadays adopts the activities of social media marketing. As per the reports, 90 % of marketers believes that social media is highly responsible for the grow th and development of their business, Trillions of connections are formed by billions of people with the help of social nenxorks and this is vital for building relations or ae business. Social media helps in increasing the business exposure, increases the traffic and improves the rankings of the search.
Knowledge can be defined as a mix of values, experience, information and insight that is essential for incorporating and evaluating information and new experiences. Knowledge is vital for the business as it proc ides information about the competitive advantage for the rapid expansion of factor markets and goods. The organizations are forced to compete in the market with limited supply of physical resources and this ma izes the utilisation of knowledge and helps with the participation in knowledge conoibulion behaviour. Netiiork access is largely responsible for the growth of the social networking sites and this helps to create the virmal communities thai are professional in namre and can be related to the objectives and requirements of the organizations. Thus it can be said that social media networks have helped the organizations to improve the knowledge sharing behaviour for the creation of learning opportunities that helps to build competitive advantage.
Advantages of using social networks in business
Increased brand awareness- Social media can be considered as one of the most cost effective ways of marketing for business and this helps to improve the content and visibility of the business. As stated @' Stelzner (2014), a strategy of social media should be implemented by the business for increasing the brand recognition as engaging with a broad audience is essential for the growth and development of the business. Social media profiles of the business should be created for interacting wiih others and for these the business partners. employees and sponsors should be encouraged to like and share the page. The interaction of the people with the content will help io increase the brand awareness and reputation of the business, Posts should be shared in new networks for attracting customers to the business and as people will gather more knowledge about the business the image of the business will improve.
Increase in inbound naffic- Marketing on social media in important for increasing the inbound traffic. The social media is necess for increasing the business among the non customers as this will help with the growth and development of the business. Proper moment is necessary for gaining new customers as social media is a place where people of different behaviours and backgrounds are present and the needs of the people change with different 1ei'e1 of thinking. The content should be properly. syndicated on many. platforms for getting the customers io reach the business.
Improved search engine rankings- As stated by Ellison e/ nf (2014). Search Engine Optimization is necessary for achieving high rankings in the page and this atoacts traffic to the business website. Ranking in the top position is necessary as this will help to generate positive results for the business. For getting a high rank, high qualit) content should be created with the targeted keywords. These contents can be blogs. case studies. info graphics. employee phoios and business information.
Higher conversion rates- When ltte visibility of the business increases, more opportunities for conversion is gained by the business. Any kind of image, video, blog post or comment may lead the viewers to the website of the company and thus increase the traffic. The
SOCIAL NETWORK IN BUSINESS
marketing by social media helps create a positix'e impression for the business and this can be due to the humanization factor. The ieractive nature of the brand helps in the personification of the brand.
Better customer satisfaction- Social media is a communication and networking platform and a creation of voice is necessary in this plaform for the enhancement of the business, Customers know that when they post any comment the reply will be a personalized message not an automated one. The companies should acknowledge each and every comment as this helps create a good image of the business.
Disadvantages of using saciat networks in business
» A lot of time is consumed- A lot of time and dedication is needed for the maintenance of the social media networks. Proper update is required in the company website for attracting new customers to the company. The company should be able to provide proper useful content and the messages of the users should be ansv•ered in a regular manner for the growth and development of the company,
« Requirement of qualified personnel- As stated by Vasquez and Escamilla (2014). a qualified person is required for the management of the social media of the business and for that community managers should be appointed for managing the issues of social media networks. Proper money should be invested for getting a professional look for the business.
Investments are required- Businesses should keep in mind that all the social networks are not free and some money should be paid for getting the mosi interesting options. The business should pay for the advertisements as this will help with the growth and development of the company.
» Repetitive and boring nature of content- The great social media profiles should comprise of ariicles that are interesting in naiure and creates great value for the customers. This is due to the reason that no one like a company profile that only takes about itself and does not pay value to the customers,
« Bad publicity- Social media networks are also responsible for spreading bad news for the company and this can hamper the business of the company.. Therefore, the business should proc ide quality serv ice to ihe customers and also mange the complaints of the consumers by giving proper resolution.
From the above research. it can be concluded that the social nenvork in the business places helps wilh the online marketing that is essential for the growth and development of the company. Businesses should use networks like Facebook, Twitter and Linkedln for keeping up with the growing pace of competition. Social netw ork sites can be considered as the central main thing of the ne0vork resource of the organizations that is linked v•ith the business performance and strategic vie. The social nenvork sites help the indie iduals to form a profile of public or semi-public nature in a system which is bounded.. The platforms ot social media such as Facebook, You Tube, Twitter and Instagram have started altering the states of adi'ertising, promotion and marketing. This platform provides information and it has helped the businesses to cut off the traditional middlemen and connect directly with the customers. Know ledge is vital for the business as it provides information about the competitive ads antage for the rapid expansion of factor markets and goods. A strategy of social media should be implemented by the business for increasing the brand recognition as engaging with a broad audience is essential for the growth and development of the business. Proper content is necessary for gaining new customers as social media is a place where people of different behaviours and backgrounds are present and the needs of the people change with different level of thinking. A for of time and dedication is needed for the maintenance of the social media nenvorks.
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