Social media sites have become part of everyday life. They are used by most of the people in the world and so they are used by a lot of businesses to promote their products and services. Businesses, no matter they are big or small, are flocking to social media platforms such as Facebook, YouTube and Twitter to build communities of followers to increase profits. Facebook, YouTube and Twitter are some of the most popular social media networks that were created within the last ten years. Social media can give more opportunities for customers to access businesses and it can also enable businesses to interact with customers while reducing costs. However, these social media networks are free in terms but businesses still need to put their skills, time and other opportunity costs to keep them stable. Currently, social media is now used in the business world in two different ways; to improve and enrich collaboration internally, and to reach out to customers. ‘Customers interaction, monitoring as well as profiling are high growth areas as businesses have realised the power of consumer social media to improve brand recognition, enhance loyalty, influence opinions, and keep in touch with the pulse of the customer.' (Lukes, 2011)
References:
1) Lukes, C, R 2010, ‘Social mddia’, AAOHN Journal, vol. 58, no. 10, pp.415-7, viewed 19 August 2011, via ProQuest Central.
2) New Straits Times Press, Ltd. 2011, ‘Social media advantage!,’ 16 July, p. 1, viewed 19 August 2011, via ProQuest Central.
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