Even though you may consider the impact of social network on modern business as something quite innovative and novel, reality tells a different story. Emile Durkheim, a French sociologist reputed to be father of sociology and Ferdinand Tonnie’s, another German sociologist regarded as pioneer of social networking during the late 1800s were under the impression that social groups could very well exist because the members shared values and beliefs or shared conflicts. While Tonnie’s dealt with the social contract conceptions of society, Durkheim combined empirical research with sociological theory. Interestingly enough, during the same period, the radio and telephone paved the way for furthering of future social network, albeit through a one way route or channel.
Digital Media Had Brought a Sea Change
However, social networks have evolved over the years to the modern day variety with extensive use of digital media. IDC, a market research firm predicts that the quantum of digital information generated each year will go up to 35 trillion gigabytes by 2020, requiring 44 times more data storage as compared to the year 2013. Incidentally studies concerning the evolution of social networking in the enterprise, keeping in mind the companies that are determining the best ways of leveraging these tools have revealed the following trends.
- Proliferation of social media tools to new areas of the business
- Growing need for governance models
Social Media Is an All-encompassing Term
Broadly speaking, social media is an overwhelming term that includes a wide range of communication platforms that comprise blogs, weblogs, social blogs, video blogs, microblogs, podcasts, social networks, Internet forums and social bookmarking. But the common factor that covers all these various platforms revolves round the fact that all of these serve as communication or interaction channels, thereby providing access to the people who communicate through these.
Impact of Facebook, Twitter, Etc
However, when looking at the impact of some of the more popular social media platforms that include Facebook, Twitter, LinkedIn, Pinterest, Reddit, StumbleUpon, Digg and YouTube, you will be surprised to observe that merely by ‘listening’ or tuning in to the conversation on these sites will give you an idea about developing targeted marketing strategies as also advertising. Nevertheless, this type of market research entails reviewing of the target audience in order to develop a profile for them. The process also involves recognizing their culture, likes and dislikes, general mode of living and allied things that helps a business to best adopt its marketing strategies and practices. Needless to say, this effect of social media often serves as a functional method for businesses for avoiding wrong marketing decisions that could have otherwise cost substantial ad dollars.
It’s Cost Effective, Too
Social media affects marketing in terms of serving as venue for active product marketing. This can be achieved through product promotions, press releases and other forms of advertisements. Not only is this form of marketing quite fruitful, it is also much more cost effective as compared to other types of advertisements, such as TV, print and radio, that typically require a considerable cash output.
Smart Mobility Will Further Change the Way People Interact
With every passing day, smart devices comprising portable tools that connect to the internet are fast becoming an integral part of our daily life. Smartphones have already outpaced those of the desktop PCs that are likely to be deemed as outdated pretty soon. It goes without saying that the move to an increasingly mobile atmosphere will give rise to new players with newer opportunities for a wide range of products and services.
However, there is every possibility that the newly formed businesses will have adequate competition, thus helping them to grow rapidly in part because of a dearth of legacy system that will enable them to earn better profit arising out of the new technology as and when it becomes available.