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How Social Media Has Driven A Business Revolution
By christine|Last Updated: May 5, 2014|4 min read|
A decade ago, the term “social networking” was only making its way into the average person’s vocabulary. Today, it’s not only a part of everyone’s lexicon, but most people use the networks, with 73 percent of adults now on social media sites.
Noticing the type of audience one could reach through social media, businesses began adopting social media marketing plans. Today, 57 percent of marketers use social advertising.
This means the business atmosphere is changing, and social media is playing a key role in this revolution. Want to learn more? Check out these ways social media will change business and how these networks are slowly driving a revolution.
It’s Creating Jobs
Not only has this trend created new jobs, but it’s led to entirely new job roles. Developing a social media marketing strategy means that businesses need to hire marketing teams. They can’t hire just any marketing specialist, either.
Social media is an entirely different world that requires new marketing tactics, opening up doors for social media marketing specialists, social media managers, social media content strategists, community managers, social networking analysts, and more.
The field is fast-growing, with an expected growth rate of 23 percent and an average salary of $57,550, reports PRWeb.com.
It’s Changing the MBA Curriculum
If you’re thinking about entering an MBA program, chances are you’ll cover aspects of social media marketing in your courses. But what if you’re not planning to work on the marketing team? What will you use this training for? If your MBA leads to an executive position, you’ll use social networking to boost your brand.
How does this help? According to a BRANDFog survey, 80 percent of respondents believe that social media is important for helping CEOs engage with customers and investors, saying this helps facilitate deeper connections. Another 70 percent agree social media engagement makes CEOs and executives more effective leaders.
Despite these statistics, only about half of Fortune 500 CEOs are on LinkedIn, the most popular business platform. No matter how reluctant you might be to adopt social networking, it’s clear that it’s becoming a necessity for businesses as a whole and for business executives. Universities are noticing this and integrating it into the curriculum.
It Allows for Quality Customer Engagement
Not only do social networks allow companies to respond to customer concerns quickly, but customers expect it. In fact, 42 percent of customers who’ve reached out to companies on social media expect a reply in under an hour. Another 25 percent of people expect a response the same day, making it a total of two-thirds of customers who expect companies to respond to their complaints on social media within 24 hours. By accommodating these demands, businesses can improve their reputation in the customers’ eyes and build a strong relationship.
Engaging with customers isn’t all about attending to their concerns. Social networks also give businesses the opportunity to connect with customers on a mass level without sending direct advertisements. This type of engagement leads to quality feedback and a wider fan base since people are more interested in useful content than direct sales pitches. Social media managers might utilize this effective tactic by starting conversations through sharing links, uploading pictures, or asking questions.
It Helps Save Marketing Resources
When people are able to follow a brand on Twitter or ‘like’ it on Facebook, businesses receive a direct connection to their target audience. Marketing managers no longer have to strategically place ads where they think their target audience might see it.
Social media marketing is much more effective than other types of advertising, such as television, radio, or print ads. DemandMetric.com says that content marketing, which includes your social media strategy, is three times more effective at generating leads per dollar spent.
Part of this is because most social networks are free, so you’re not paying to reach your customers. However, a bigger part of this is that with social networks, you’re able to connect directly with people who already have an interest in your brand, helping you convert more leads by creating a strong reputation. You don’t end up wasting time and money marketing to people who aren’t interested.
It Allows for Effective Collaboration
Whether businesses are utilizing traditional social networks or developing their own social systems, social media can help boost productivity through effective collaboration tools. Business professionals can quickly share and access their ideas while other departments decide the best course of action based on this collaboration effort. Various employees can quickly become informed about company updates or department setbacks to boost productivity. Learn more about how social tools can help businesses here.
Social networks are already integrated into the average individual’s life, but as these networks become a mainstream tool for businesses, things are beginning to change. As time goes on, more businesses will adopt social media strategies to boost customer interaction, improve their marketing efforts, and advance collaboration efforts.
About the Author
Emily Green is a freelance writer with more than six years’ experience in blogging, content, and thesis writing. When she’s not writing she likes to go for a run with her pug.