In today’s world, social media has emerged as one of the most influential platforms that not only aids in communication and connectivity with people all around the globe but also allow us to share influential ideas and thoughts with others. With the invention of virtual technology, the world today has become a much smaller place. It has not only become possible for us to be connected with people across continents but also gain updated knowledge about whatever is going on across the world. Therefore, such a platform holds vast potential and opportunities for any business, be it big or small, and cannot be and should not be ignored at any cost.
Today, the social media has become a dominant factor in people’s life. It holds immense importance for any business and its management as well. As a premier business institute, we, at the Indore Institute of Management and Research have chalked out a few points that can help the budding managers to identify the power of such a platform and use it to its full potential.
Lowered Costs- Today, due to the huge opportunities in marketing provided by social media, companies are readily adopting such modes of advertisements. Due to this reason, the dedicated social media can effectively be used in both the promotion of the products and for reviewing feedback from users. Compared to other modes of advertisement, social media marketing is relatively cost-effective and also has the ability to impact thousands of viewers at a time. Research has shown that the conversion rate is also very high in such forms of promotions. Therefore, it is essential for the new generation of managers today to be adept in handling such a trending platform to achieve the maximum efficiency in profits for the company.
Targeted Reach- One of the significant advantages of social media is that it can reach an enormous number of people in an incredibly short time. The advertisements in media websites have proven to generate more revenues than traditional forms of advertisement. According to the latest researches, add campaigns have been reported to generate revenues in excess of 9 billion in 2017. With digital categorization of people based on interests and views in social media, the management can now take up targeted approach in the promotion of their brand and providing services with ease.
Performance Analysis- Social media management is used to access the performance of campaigns and obtain valuable feedback from the customers. The effectiveness of social media ad campaigns has been demonstrated time and again. Such media websites can be easily used by the management to determine the effect such campaigns are having on the market and how I can be further optimized to bring in more customers and higher profits.
Brand Promotion- One of the major aspects behind the success of any business is its position in the market, and this is exactly why brand promotion holds so much significance for any business. It is essential that the managers of the company take the proper steps in using the social media for spreading awareness about the brand and what it deals in. Using information from the social media, the managers can not only conclusively know about the mindset of the customers and gauge the popularity of the product but also help the brand name to grow by active promotion that can aid in creating a loyal customer base.
Reputation Management – The reputation that a business holds plays a key role in generating the desired profits and in achieving the aims of the company. This is why it is crucial that the managers are capable of making full use of social media in creating good reviews and turning them into profits for the company. Of all other channels, the social media plays the most vital role in establishing the reputation of any business, which is particularly owing to the huge number of active users across various social media platforms.
Today, the social media has become a driving force for marketing and is considered as the primary forum where different sects of people come together and share their knowledge. It is a powerful platform of masses and if used properly can bear epic results for any company. We, at the Indore Institute of Management and Research, recognized as one of the best management colleges in MP, aim at educating the new generation managers about the importance of such a platform. We always emphasize to our management students that social media, today, is a power to be reckoned with, both among the mass media circles and online commercial brand promotion. Just as a great review can shoot the profits of a company and a brand sky-high, a negative review can cause a devastating loss in business. It is essential that the management professionals learn to use the social media in a proper way so as to maintain the integrity of the company and bring it up in good light. They should be able to adopt a strategic and a planned approach before diving into such a market to be able to use the Social Media properly and gain enormous success in the process.