Numbers don’t lie and the social media statistics definitely show that social media continues to change the way we do business. Social media is the most popular online activity, and 22 percent of time spent online is spent on Facebook, Twitter, and Pinterest. Two-thirds of Internet users regularly use social networks online, and within these social networks, consumers share or obtain information on products and services.
Businesses are responding to the overwhelming evidence and developing a stronger presence online. In fact, 91 percent of experienced social marketers see improved website traffic from social media campaigns.
The rise of social media is among the greatest changes to the business world in the 21st century. Social media demands attention because it has completely changed consumer behavior –a phenomenon that is still growing and changing as broader age groups start to utilize this tool.
People born between 1978 and 1994 are the first generation to be raised “on the internet.” This age group expects to have information at their fingertips and the freedom to control the information they consume. As a result, this group of consumers does not tolerate the traditional marketing tools of T.V. advertisements and cold calls in the evening. It is up to businesses to change and adapt their marketing strategy to cater to the consumer- a wise move since it is expected that this age group will be as large or larger than the baby boomer generation.
Businesses that see the power behind social media to speed their progress forward and embrace a new way of doing business, while those who resist the advances may find themselves dwindling into obscurity. The goals of businesses—to generate leads, develop healthy relationships, and define an identity—are still dependable goals. However, the method used to get there must change.
Progressive businesses that grasp the speed and scope at which this is happening are wise to use social media to their advantage. Social media allows businesses to build more meaningful relationships and get to know future consumers better. A business can build a fan base and receive feedback from their target audience. It can create new avenues of traffic that lead people to their products and solidify their identity to the consumer. The David Eccles School of Business realizes this shift in the way business is done, and makes it a priority to incorporate it into the curriculum to help students embrace their futures in the business world.
The Impact of Social Media on Business in 2021
Social media has had a huge impact on how businesses find and communicate with their audiences.
Prior to social media, businesses had to travel to live events to find a targeted group of prospects. Unfortunately, the average cost to attend even a small business conference comes in around $1,000, making it very difficult for startups to get in front of their target audience.
Social media has transformed that by:
- Allowing startups to get in front of a targeted group of people virtually
- Changing the way businesses communicate with their audience
- Replacing business cards (which often end up in the trash) by popping up in your audience’s feed
- Making it easy for businesses to provide value upfront prior to asking anything from a prospect
That said, social media doesn’t impact your business overnight. In fact, building a presence and seeing the ROI will likely take years. However, if you use social media correctly, it can build long-term relationships that will transcend any ads you might run.
8 Ways that Social Media Impacts Your Business
- Allows Businesses to Become Omni-Present
- Increases Personalization
- Generates More Loyalty
- Increases Industry Collaboration
- Adds Credibility
- Increases Referrals
- Helps You Build a Personal Brand
- Helps You Gauge Audience Feedback
- Where You Should Start
Social Media is Impacting Social Life