Role of social media in current business scenario

Just some times back social media was simply a tool for connecting with the known ones. It was just meant for socializing. But today, the situation is all together a different one. The change in the social media has changed the definition of marketing. The businesses are getting closer to the customers, giving them personalized promotions and an opportunities to get suggestions and feedback's from them. This helps the business to explore its product range and understanding the latest market trends.

The click to buy choices offered by Instagram and pinterest has expanded the horizon of the market to both buyers and sellers. It has now emerged as the must choose option for the business to grow.

Social media is the ultimate tool to reach the consumers and to the specified age groups that include not only teenagers but people of different ages. It is not only the tool for advertisement but also meant for collecting real time data and receiving the feedback from the customers.

Let us see how:

Unlike traditional marketing, social media has enabled the business to capture the data of personal details like age, gender, location, interest  etc. along with understanding the psychology of their buyers. The data thus collected is fast, easy to access and more or less accurate. The information from the user’s profile can increase the chances of fetching the clean and crisp data which may not require much of a filtration.

The company has to rely upon whatever information the user's has given about them self, no matter it is true or false but it helps to get the picture of the market trends.

Again, the customer review, competitors performance, revisits, the share and like chains can give the marketers to get the real time data of the performance of their market individually and in comparison to the competitor which enhances the opportunities for research and development and up-gradation of the product.

Here, it is crucial to understand that if the social media is a positive tool for selling at the same time it can act as a biggest setback if not dealt with properly. The business has to be careful about the non encouraging feedback's and they must be dealt with prompt and good solutions.

The introduction to personalized promotional messages can help the businesses and buyers to introduce the new product or the schemes that are of interest to the buyers. The social media gives the organic buyers to stay on the promotions thus giving the business the real time and clean data about the organic buyers.

The social media even after such advancements is yet to be explored more for business growth. Businesses can get the benefit of social media by leading ahead of the competitors, building brands and collecting fine data for comparing results.