Social media is a place of interaction with people. It is an important place, where ideas and information is created and shared with others. It is a virtual community, where people contact with each other and becoming closer. With the passage of time, it is becoming a necessary platform to chat. These social media sites have changed the life style of people, their way of connecting and living. Among all these, it is also causing its serious effects on the way of doing business. People have found new ways of doing business. It is an important place, where people talk about their feeling and perception, and experience about certain products and services.
It is becoming a new and beneficial way of doing business, because it is helping companies and firms in many ways.
It helps in saving cost, because the cost of advertizing and various others complains is much low here as compared to other medium. People found it much cost effective. Companies are saving their costs of advertizing by posting their ads here, because words of mouth marketing work much fast in this media with no efforts.
One of the most important aspects of this way is fast awareness. Any new firm, who wants to expand fast and wants quick awareness, are now using social media. Through this, they are saving their cost of awareness and becoming popular within months.
Despite of other medium, this way is considered a fast and efficient way of doing business. In the past, companies took months and sometimes years to take feedback about their performance, now it is becoming a matter of seconds to give feedback about a particular product or service; therefore companies are bringing continuous improvement in their performances because of fast feedback. They are also finding solutions of various issues within seconds from customers ‘feedback.
By seeking various benefits, social media is becoming an important and efficient way of doing business.