Social media can be understood as the social instrument for social communication. In web technology term is defined as the website that gives information, promotes and enables web to user and user-to-user interactions. Social media sites form virtual communities and networks where people can create, comment, share and exchange information an
The term social media covers a large quantity of websites where people can interact with the site itself as well as with other visitors in real time. Social media sites have advanced such an extent now to include websites like Social Bookmarking, Social News, Social Networking, Photo and Video Sharing, Wikis, etc.d contents among themselves.
As social media websites are the sites, which invite and allow people to get and share information, interact with the site and other visitors, these sites have become a way to propagate marketing and sales with the least cost and continuous effort.
Social media websites have turned into relationship management media. Hence, financial organizations disseminate their views and product information to the visitors with a view to transform them into their potential customers and thus transforming the sites like Facebook, twitter, RSS Feed, etc. into their provider-to-consumer interaction media.
Business owners utilize social media sites as a powerful way to promote sales for the businesses and service providers. Through these sites they can do the following activities:
- Marketing research – understanding the interest of consumers and market trends. Also, business owners may find their ways to verify the market finding and analysing:
- Prospects – list people talking about the target market and create the database, monitor them daily and wait for the trigger events that indicate the time to launch out.
- Companies in the filed – which of the companies people are talking about in the field of their business or service in the market.
- Customers – the best way to find out prospective customers among the visitors and project on the future growth expectations of the market; let the customers know the present and future plans of their businesses.
- Competitors – find and monitor who are the competitors people are talking about and if necessary participate actively in the discussions to clarify their stand and views, reply about any mess and ensure better endings.
- Partners – best way to find out if there is any other company that can be a partner in the growth process of the business. If found, it can become the place to interact with the partners and grow the customer and the market.
2. Communicate – utilizing the sites as the way of provider-to-consumer communication, also various promotional offers can be placed before the customers through these sites
3. Sales promotion – companies can interact with the target consumers round the clock and at specific times.
4. Relationship development – develop and build the list of interested and interacting visitors for their products and/or services through these websites.
5. Professional PR – these media sites provide an environment for PR professionals to talk, exchange their views, hence promote their brand and improve company image among the visitors and professionals.
Social media are such powerful platforms that made connecting with people in real time round 24/7 and promote the sales rate through continuous efforts. Social media websites like Facebook, twitter, etc. can build customer loyalty, which can be extremely profitable as these are the people who need very little motivation, zero incentives and a robust sales campaign to purchase and re-purchase.
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