Critically evaluate the impact of social media on the business world Essay - 1

Critically evaluate the impact of social media on the business world and our life - Essay Example This has made social media have a great impact on the business world and our individual life. Within the corporate world, social media is gaining popularity where it is being used in regular operations of many companies; this is mainly because it provides a perfect opportunity to take advantage of the world of the mouth, where people are connected on a global scale. Corporate messages on social media channels to reach new customers are conveyed, this is done through broadcast of positive feedback regarding the corporate message and its products. With this message, social media ensure that customers are retained hence building a positive customer loyalty. Additionally, dissatisfied customers are also reached directly within their own social media environment where the company embarks on finding better and more innovative ways of improving the product or service that they offer in the market outside (Bakardjieva and Gaden, 2011). Social media are relatively low-cost channels, which a company can use to market and advertise its products to millions of consumers. A good example is using Facebook a company just need to create a page within it where people shall need to like the page and have information which the company intends them to get in their computers, tablets or even phone. This has seen companies have million likes, which means more people are embracing this platform making the company enjoy cheap advertising platform. Social media also acts as a customer relation management too, mainly for companies which are selling products and services. Brand networking has become a way to capitalize on social trends, which is also a rich marketing tool. A company can maximize its return on marketing dollars by reaching out to potential customers via social media than making reliance on the high cost televised advertisement. Social media also allows a company to listen to a competitor message. Alternatively, this makes the listening company have strategies and