Research Paper on Social Media
The media is converging rapidly, which leads to an expanded usage of the internet and the social networks. Social media is now a widely popular platform where people share news and opinions regarding every possible matter. At this point, this platform has become a common spot that companies and advertisers use for promotions of their products and services, students for internships and learning and professionals for recruiting and searching.
Not only social media is used for communication of people around the world, but can also bring many other benefits in areas such as education, business, marketing, news and even personal development. The world today is driven by technology, which means the social media is a grand factor in the success of businesses. Chi defines it as a 'connection between brands and consumers, offering a personal channel and currency for user centered networking and social interaction.”1
Social media is the new, most promising and revolutionizing way of interaction between customers and companies. This is why the other forms of media are faced with many challenges, mostly because many companies target their budgets towards online channels. According to a Forrester study of 2011, many brands and company shift their priorities in terms of advertisement in order to better align with the buyers of today – millenials and social media maniacs.2 With the tightened budget many companies have today, the increase in use of social media is predicted to take over all other methods of communication with customers.
There are numerous benefits associated with social media. The Internet has the advantages of inexpensively storing large quantities of information, providing information on demand with the inexpensive means of searching, acting as a medium for transaction and serving as a medium for physical distribution of software. With the use of social media, marketers can now reach customers far beyond what they would reach otherwise, even people from all around the world. At this point, people purchase products and services and have them shipped to their homes in less than a month, for a highly competitive price.
Of course, purchasing online brings along the huge risk of getting what one did not expect, which is why peer communication has increased rapidly and irreversibly. At this point, customers socialize on the social media with the purpose of sharing experiences and opinions.
The competition on the social media also brings the issue of pricing, since now that customers have access to a wide range of prices; they are very likely to find the same product at a minimal cost. This makes it much harder for a business to start a successful online business, since the process of building a reputation may take long due to the enormous competition.
According to Ward, the communication among people affects their behavioral and cognitive attitude.3 Therefore, where people are given the chance of using the social media for communication, this can result to be a highly important factor in their purchasing decisions.
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