Social media today plays a major role in the lifestyle of humans from the age of 5 till the old age. It is prevalent in almost every household rich or poor. A person might not be able to meet his daily expenses but he might be an active social media user. The population today is effervescent about the social media. Almost 80 to 90% of the world’s population can be reached out with the help of social media.
Albert Einstein once quoted: “ I fear the day that technology will surpass our human interaction. The world will have a generation of idiots.”
The above facts make it clear that a business can find its majority of potential customers from the social media. The study shows that there is a total of over 500 million Tweets, 4.5 billion Likes on Facebook, and 95 million photos and videos uploaded to Instagram. Even if we imagine around 1% potential customers for our business, imagine the amount of revenue that can be generated! Another advantage of social media is that we can target audience based on their geo-locations. For example:- ”Hoot-suite” allows us to send tweets to users located at a specific location. Also,”Hoot suite” can be used to find conversations about your products in specific locations. Now comes the point that all the businessmen love! The activities of our rivals/competitors can be monitored. We can keep an eye on their product/service popularity and can base our actions and future planning accordingly. One hidden advantage of social media is that the more shares you receive for your posts, the more traffic can be generated for your website. And it is well-known that traffic, though an irate term, is good in terms of websites. More traffic is directly proportional to more profit.
In today’s world, customers expect 24*7 support which can easily be provided with the help of social media. The customers can stay in touch with the company all times. Data mining from active social media sites like Facebook can generate a lead on a large number of prospective customers. Also, linked-in which is considered the “Facebook of technical minds” in useful in generating relevant data. This data can allow businesses to entertain target-specific ads and thus generating more clients.
The above interpretations make it clear that social media is an inseparable part of human life and when looked from a business point of view, can be used to generate revenue from selling smallest products like chocolates and candies to selling gigantic machinery and software amounting to millions of rupees.
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