After the 1950s, the internet forever changed the way we do business. As a new frontier of technology and inter-connectivity, it changed the way companies advertise, sell and find consumers – completely reinventing the business landscape. Social media networks such as Twitter and Facebook drive markets and create overnight sensations. It’s also a powerful tool for businesses and entrepreneurs.
Social media is powerful. In the 2014 Frontline documentary “Generation Like“, researchers delve into the scope and impact of social media, revealing its utility to businesses and internet stars. Here, many companies research their markets through likes on their official pages and indirectly market through their consumer’s tweets and likes. Media and entertainment companies finds new viewership. Food companies re-brand themselves and clothing companies often splice themselves behind the scenes. Big businesses thrive with social media.
Though social media is used effectively by big business; it still has substantial impact for small businesses and start ups. Large business often have large research funds employing experts on machine learning, data mining and of course social media. These experts find and capitalize on trends that can be used to market or improve products. Even though smaller businesses often cannot afford this luxury, social media is more than just numbers and data. Social media comprises of communities that link peoples across the world. For small businesses these communities provide presence and voice.
Online communities allow small business owners and professionals to communicate with one another, share ideas and develop in a manner that was almost impossible years before. With a click on Facebook or Google+, I can share ideas with colleagues, associates and friends miles away where before we were forced to travel. For the local sports bar, diner or family owned business, social media is an inexpensive way to advertise since a social media presence can be used to keep devoted and loyal customers updated on events and new items on the menu. A social media presence can be a way for small business to communicate with its community of customers who they are, what they produce and the values they stand for. Communities can potentially help small businesses thrive.
As a new frontier of information, innovations and communication, social media is a powerful tool for business both large and small to grow and expand. It provides ways for professionals to interact and it provides everyone with a voice.