Student Report: Luke Maguire, Social Media’s Surging Presence In Business

SOCIAL MEDIA’S SURGING PRESENCE IN BUSINESS

By Luke Maguire, student at West Chester University

In the 21st century social media has become the number one communication outlet worldwide. Social media’s are online constructs that allow individuals to express themselves and stay updated on current events in real time. Posts on socials consist of a widespread variety of topics, such as photos of family and friends, news articles, lifestyle habits, and my focal area; businesses and advertisements. player in this marketing roulette wheel is social media. Businesses have been able to utilize social media as a marketing tool through accounts, influencers, portals, and advertisements. The question surrounding this new marketing concept is the interworking relationship between the realms of successful business and social media.

Businesses have used a plethora of different marketing strategies over the last century. Some of these strategies include television and radio ads, signs and billboards, newspaper and magazine listings, professional endorsements, conventions, emails and phone calls, etc. Although, the newest and perhaps most useful I have attempted to address this relationship through a variety of research and statistical analysis. The first scope that I explored was the overbearing presence of social media on current society. According to DataReportal, a research and analysis website, there are currently 4.33 billion users on social media. This number accounts for 55% of the entire world’s population. Users also are said to spend around 2.5 hours a day on their socials. In addition to over half of the world being on social media for over two hours a day, it has been discovered that every user has

About the author: My name is Luke Maguire, and I am currently a senior at West Chester University majoring in Economics and Finance. I pride myself on diversifying my knowledge and skill sets in numerous different aspects of life. In the future I strive to be able to work for myself, and use different acquired financial skills to sustain my livelihood and well being. about seven different forms of social media. Some example social media platforms are, Instagram, Facebook, Twitter, Snapchat, Linkedin, TikTok, and Reddit.

With all of these different outlets and users, it is no surprise that businesses are generating success over these platforms. Taking a further look into what these platforms provide, we can find a variety of contributing success measures. One crucial factor of businesses involvement with social media platforms is the fact that it can be entirely free. Unlike purchasing an ad in the weekly paper or paying for a thirty second TV commercial, businesses can access and advertise on social media at no cost.

This allows companies to allocate zero resources for marketing and advertising, turning over an immediate 100 percent profit for sales induced by socials. Although it can be free for businesses to operate on social media, they also have the option to pay in order to access more sophisticated accounts and push online ads, chat bots, and web portals.

Looking further into the statistical results of social media marketing, I have gathered a few key metrics. According to Single Grain, a digital

marketing agency, 73% of marketers say social media is a useful marketing resource. Backing this statement, it has been discovered that social media chat bots receive an open rate of 70%-80% while traditional emails receive an open rate of around 25%. On top of this, most online activity in the 21st century is primarily done on mobile devices. This ties directly into social media usage due to the fact that 80% of all social media is conducted on mobile devices.

An additional beneficiary that social media platforms provide businesses is the ability to generate credibility, referrals, reviews, and an extremely easy way to collaborate. Social media likes, comments, and shares are all ways in which companies have their brand accredited and distributed. Customers can not only leave feedback to companies but to each other as well, creating a more open and converse marketplace.

All of this feedback ultimately provides businesses with greater levels of credibility, enhancing the brand name of companies. Another huge credibility booster and endorsement provider is social media influencers. Social media influencers consist of individuals with a large online following, of which companies can partner with in order to advertise to devote followers or fans. Examples of influencers include famous actors/ actresses, athletes, models, and artists. These influencers cannot only advertise on behalf of a business, but target a client base that is more susceptible to purchase the endorsed item based solely on personal loyalty.

This concept of influencers demonstrates the ease and efficiency of collaboration available through social media platforms. Other forms of collaboration include brands accrediting each other and/ or working with one another. For example, a sports retailer may post with a health and wellness supplier in order to diversify client bases and share like minded products. Companies can also do smaller things such as comment on another companies post stating their satisfaction of the listed product or idea. This collaborative ability ultimately allows companies to work alongside one another with little to no prior relationship.

Social media has ultimately developed into an online roundtable of products and ideas for businesses and users. Not only are companies able to market their brand, but they are able to do so on a much more personable level. This allows companies to develop customer loyalty with the simplicity of a like or comment. Companies are not only able to be more personable, but are granted with a gateway of creativity through social media. Businesses are able to shy away from boring ads and messages, but instead use intriguing aesthetics and interactive marketing schemes. Retailers can post fun giveaways and promotions, restaurants can post daily specials and events, the realm of opportunity is endless.

The world as we know it only grows more sophisticated by the minute. With young minds entering the work force and integrating new technology into business, it becomes imperative for companies to adapt to societal nuances. Social media has become one of the most powerful marketing tools to date and will only continue to evolve. Old dogs will forever be able to learn new tricks, as will businesses. Do not disservice your company, yet embark on the top low-risk international culmination of online individuals, social media.