In 2014, the number of social media users exceeded two billion, and the number of Internet users surpassed three billion. Social networking accounts for 28 percent of the time spent online. In fact, 1.28 billion users collectively spend more than 39,757 years on Facebook in a single day (Sethi, 2015). According to eBizMBA Rank (http://www.ebizmba.com/articles/social-networking-websites), the number one networking site is Facebook. It is not surprising then, that nearly one-fourth of an adult’s workday is spent on social media for non-work related activities. Blocking social media access is an option, but not a profitable one. Instead, business leaders need to understand the effects, benefits and risks of social media, audit its usage and implement policies.
In a …show more content…
On the other hand, there are just as many reasons for businesses to use social media. In the Proskauer survey, 88.46 percent of companies are currently using it, and nearly half of them have been using it for more than three years.
There are many benefits to business for using social media. One benefit is an increase in business. Every opportunity that a company or its products are mentioned on social media is an opportunity to increase brand recognition, improve brand loyalty, convert customers or increase traffic. For example a Twitter user may come across a business through a tweet, or a link may direct a customer to a business website they may not otherwise have visited. One study showed that “. . . 53% of Americans who follow brands in social media are more loyal to those brands.” (DeMers, 2014). Research has also shown that positive recommendations can “. . . boost the price consumers are willing to pay by an average 9.5 percent. . .” This increase can range from $30 to $9,000, depending upon the item (Lever,
In a …show more content…
On the other hand, there are just as many reasons for businesses to use social media. In the Proskauer survey, 88.46 percent of companies are currently using it, and nearly half of them have been using it for more than three years.
There are many benefits to business for using social media. One benefit is an increase in business. Every opportunity that a company or its products are mentioned on social media is an opportunity to increase brand recognition, improve brand loyalty, convert customers or increase traffic. For example a Twitter user may come across a business through a tweet, or a link may direct a customer to a business website they may not otherwise have visited. One study showed that “. . . 53% of Americans who follow brands in social media are more loyal to those brands.” (DeMers, 2014). Research has also shown that positive recommendations can “. . . boost the price consumers are willing to pay by an average 9.5 percent. . .” This increase can range from $30 to $9,000, depending upon the item (Lever,