gE Blog Series: Social Media Part 2 - Worldwide Business Implications

With many companies spending years building a brand and strong image among its customers, few would imagine this task can completed in a relatively short period of time. However, this is exactly what’s possible with social media. In the past years, businesses have increased their use of social media platforms to market products, build a dominant brand image, and interact with their customers. It has come to a point where businesses around the world are focusing less on endorsing their products in advertisements and more on promoting their Facebook page or Twitter account. Now the question is: How does the expanding social presence of companies impact business performance worldwide?

Based on a recent survey at least 82 percent of businesses across the globe have some type of social media presence. These businesses have improved communications and customer relationships by implementing social media. Other benefits include cost savings, brand positioning, real-time customer satisfaction, and new business opportunities. Most people may assume that large companies have seen the most positive impact from social media. But that’s not necessarily the case as many small businesses are turning to social media tools for business success. With the benefits from social media becoming more easily recognized, expect more companies around the world to expand their use of social media platforms.

One major reason companies have implemented social media in their business operations is for the simple fact that social networks allow companies to interact with customers in real-time. Rather than sending an e-mail reply, businesses can simply reach out to customers instantaneously by using social media. Interactive marketing campaigns have also increased with many businesses beginning to use social media tools for advertisements that allow customer involvement. Businesses have also used social media and networks to make their brand more accessible for customers. Social media allows customers to stay connected to their favorite businesses while also promoting a positive and engaging brand.

With social media growing rapidly worldwide, businesses can easily interact with customers halfway around the globe. Businesses are now building brands, marketing products globally, and strengthening customer relations with social media. Despite these advantages, people can also use social media to discuss their views, positive or negative, on various companies.  Perhaps this is not a bad thing. The transparency provided by social media may allow consumers to see the human side of brands and build relationships with businesses in ways that have not been seen before. Moving forward, how do you think social media will affect businesses worldwide?