Importance of Social Networks for Businesses
One can easily say without any doubt that social networks and social media have been one the biggest technological revolution of this century, if not the biggest. Not only they have reformed people’s personal and social lives but these networks have become one of the major platforms for companies to help grow their businesses.
Up until a few years back, businesses used the conventional ways of marketing to sell their products. These techniques included various types of advertisements through newspaper and television. However, lately, the trend of reading papers and even watching conventional TV channels is diminishing mainly because all these things are now conveniently available to people via the internet. Recently, I came across this survey article by business insider comparing the time people spent on watching television VS using the internet. The survey showed that over the years, the average time people are spending on the internet in increasing whereas the time people are spending on TV is decreasing. For example, in 2009, average time on TV was 188 minutes per days and on the internet, it was 48 minutes per day whereas in 2017, internet time raised up to go to almost 149 minutes per day and time for TV per day was decreased to 167 minutes per day. One can conveniently say from these statistics that soon watching television would become very uncommon.
Now, in view of all this situation, pretty much all big and small companies have made their presence known on these networks. If we take facts and figures into consideration, out of around 7.5 billion people on earth, nearly 2.5 billion people are on social networks. So naturally, It’s has become the need of hour considering around one-third of the population of the world uses these platforms now.
I should rather introduce the term ‘social media marketing’ here before moving any further. According to the Wikipedia definition, Social media marketing is the use of social media platforms and websites to promote a product or service. You might have seen ads popping up when you open a website or when you try to play a YouTube video. All these types of advertisements come under the umbrella of social media marketing and it is one of the growing industry in the world at the moment.
Social media marketing has leverage over the conventional marketing in a number of ways. Firstly, with social networks, brands can directly connect to their most loyal customers. They can easily interact with their customers with direct conversations which increases customer satisfaction. Secondly, you can increase the brand’s recognition with more and more effort you put into marketing your products and services and now, with a number of platforms available, businesses can have even better recognition if they have more platforms to approach people.
Concluding the discussion, I should rather make this statement that if anyone wants to survive and make a profitable business in today’s world, they should definitely boost their presence on the internet and specifically on social networks because this is what the present and future of advertisement are.