Advantages of Social Media on Global Economy Essay

Advantages of social media on global economy. * The main benefit of social media is that, it allows people to communicate easily. When you use social media sites for your business, it allows you to magnify the conversation that surrounds you brand. But one thing, you must be dedicated to the conversation and you need to devote your time to respond effectively and take it easy in selling your products or services. * Social media is known to be one of the cost-effective methods to spread the words about your brands because of shortage in the budget.

Its can save a lot of paper printing to advertise your business. The full potential of social media as a marketing tool was certainly not realized at that point. The decision by business people at that time to use social media as a marketing tool was because social media does not cost a lot of money and nobody had a lot of money to spend. * Pitch products in a more human, interactive way because since people visit social media sites to get personal rather than be bombarded with ads, discuss your business in a fun way and engage your customers with questions. Ask their opinions and entice them to respond back.

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This way you’re making a valuable connection that will help grow your number of return customers. * Increase customer loyalty and trust by Speaking to your customers in a personal way will make them feel like they are talking to a friend, not a company. This will help build their trust in you, which will make them do business with you rather than your competition. It will also improve the chances of customer recommendations. * Conduct market research by listen to what your customers say about your products and track what links they click on and you’ll begin to see what your customers like and respond to.

People love to express their opinions on social media sites, which will allow you to hear the truth. Then you can use your new-found information to tweak your product or service to please them as well as continue to post more information and links that they will enjoy. * Can strengthen customer service because social media networks allow your company to answer your customers’ questions and concerns directly in a timely manner. This will improve customer satisfaction and also save you money on long distance customer service phone calls.