Social Media: A platform

for business development

11/3/2021
Table of Contents
Topic: Social Media: a platform for business development............................................................2

Introduction:................................................................................................................................2

Problem statement:......................................................................................................................3

Literature review:.........................................................................................................................3

Methodology:...............................................................................................................................4

References........................................................................................................................................5

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 Social Media Auto-ethnography

Assignment

Topic: Social Media: a platform for business development

Introduction:

The public uses social media for entertainment purposes, but social media has become part of our

lives today. Every person today use social media, and it is not that they only use one social media

platform. Almost every person uses more than one social media platform, showing how

important it has become. Social media has a dual impact on society, as it creates positive and

negative impacts. If it is used to gain positive results, it provides the best possible results, and if

it is used for spreading violence, it will create a negative impact[ CITATION Ale17 \l 1033 ].

Today, social media plays a key role in business growth, as the modern age uses different social

media platforms to promote and market products. During the COVID-19, we have the

importance of social media and online systems. It shows the importance, and how we can use

them to gain maximum profits in our business.

Social media helps businesses in growth and development. Every business wants to increase its

sales, and when they have to launch a new product, they need high expenses for advertisements.

The business must incur those expenses to make the product visible to customers. It is a huge and

time-consuming process, while social media is a platform that almost every person uses, which

can help the business grow.

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Problem statement:

Social media consists of many platforms, and these platforms are playing a key role in business

growth. I will critically analyze the social media platforms Facebook, Instagram, Whatsapp, and

Snapchat. I will critically analyze these social media platforms, but my focus will be on

Facebook, and I will look at the different aspects that are helping businesses grow.

Today almost every business has its business page on Facebook. I will analyze that how these

pages are working in developing and growing of business. For example, if we look at the

example of Toyota, they have a Facebook page. Whenever they introduce a new car in the

market, they post a picture or video of that car, making the product visible to the customers and

using minimum advertisement cost. I will analyze Netflix and how they are using social media

platforms for developing their business.

Literature review:

Social media in the past was a platform for entertaining themselves. Still, today it has many uses,

and most businesses today are using social media to influence their customers and make their

business grow fast. I have analyzed that many of my friends, and people of my circle, including

me, start our day by looking at our cell phones. When we wake up in the morning, I first look at

social media notifications. It shows that social media greatly influences people, and businesses

can use this influence to capture a large audience. A business can grow when it has a large

volume of sales, and sales can increase only when it has many customers[ CITATION Jea18 \l

1033 ]. Social media platform enables the business to reach a large audience, and it uses

minimum expense to reach this much audience.

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Online media offers a simple and low-responsibility way for likely clients to communicate

interest in your business and your items. Lead age is such a significant advantage of web-based

media for business that numerous informal organizations offer publicizing designs explicitly

intended to gather leads. For instance, McCarthy and Stone utilized Facebook lead

advertisements that permitted individuals to keen on diving more deeply into their land

undertakings to find out about the properties, with only several taps. The advertisements ended

up creating 4.3 occasions a greater number of deals leads than the prior year, at an expense twice

lower than more conventional advanced prospecting efforts with land promotions[ CITATION

Zsó20 \l 1033 ].

Social media platform also provides word of mouth for the business. When a business-post a

picture of its product, and the customers after using the product, post the comment, it creates

word of mouth for the business[ CITATION Dua17 \l 1033 ]. Every person watching those

comments or looking at the likes and comments can analyze the product quality. In case if the

post has a large number of negative comments, it has a bad impact on the customers, but with

that, it provides the company with a clear view of the reality and a chance to revaluate its product

to make it best for the customer. Social media platform also provides the company with useful

information regarding customer demand and expectations from the product. It is the most

important information that is the backbone for business in capturing and retaining customers.

Every business intends to earn a profit, and they can only earn that profit if their customer is

satisfied. Social media provides useful information regarding customer demand, expectation,

needs, and feedback on the product.

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Netflix:

Netflix is a brand, and almost every person today knows Netflix. Netflix is a platform that

provides access to different entertainment shows. People come to know about the shows through

different social media channels. For example, different companies like Toyota, when they have

to launch any product or vehicle, they advertise on different social media channels that create

interest of people in the product. Netflix also uses different platforms, but in this study, we will

analyze the impact of Facebook on the growth of Netflix. Netflix uses Facebook to promote its

shows.

We had frequently seen different advertisements of shows on Facebook, even when we did not

follow Netflix’s Facebook account. They use the Facebook platform to provide trailers or short

promos of the shows. These trailers and promos build the interest of people in the shows, so they

urge to come to Netflix and watch these shows. Netflix uses different strategies to lour the

people towards their shows by providing climax or eye-catching scene videos, and When people

watch these scenes, it creates a psychological impact on their minds, which lead them to

subscribe to Netflix account.

These companies also use different strategies like discounts and offers for the people that are

usually advertised on social media platforms. Social media platforms are the cheapest platforms

for advertising and reaching a large number of customers. Almost every person in the world uses

social media, and it is an easy and cheap way for advertising for companies as compared to other

advertising channels. Most of the market experts also say that the companies can generate huge

profits through social media platforms, as they provide access to larger markets and customers.

Reaching a large number of customers and gaining their trust is the goal of every company, as it

grows the revenue of the business.

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The research also shows the importance of social media in business growth. It shows that 73% of

the researchers believe that social media marketing is the best platform for effective marketing

strategy. There is a large number of support for social media platforms, and one of the research

on customers end shows that more than half of social media users search for products on social

media. It shows the importance and role of social media in promoting business and increasing the

growth rate. I will analyze all of these aspects of social media that help the business grow and

earn high profits.

Methodology:

The study will use different social media platforms and analyze the trends, people’s perceptions,

comments, and opinions to analyze the impact of social media in the promotion and growth of

businesses. The study will analyze recent and past events and critically evaluate the view the

results of the stats that show the increase of sales of products by using social media, as it relates

to the critical analysis of social media, which plays a key role in increasing sales, and profits of

the business today. The study will also analyze the benefits of using social media for marketing

products. The study will use the examples and data of the USA to analyze the impact of social

media on business growth.

Results:

The analysis shows that the companies are getting many benefits from social media platforms.

There are many brands that were unknown to the people, but due to social media, they are brands

now. It creates brand awareness in people, which results in leading to increase in the number of

customers and revenues of the company. When we see the example of Netflix, it also shows that

through Facebook, they have gained millions of subscribers. Many people were not interested in

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watching paid shows, but Netflix used different strategies like sharing trailers, promos, short

clips of shows to develop people interest in the shows. It gave them a large number of

subscribers.

Facebook is the most used social media platform in the USA, and people from different

communities use Facebook, so advertising shows on Facebook provided Netflix with many

subscribers. It is also seen that Facebook or other social media platforms are less costly for

advertising as compared to other sources. Advertisement is a high-cost expense for any business,

and it requires high resources for making the product visible in the market. If the product is not

visible to the customer, they will not know about the product, and it can lead to product failure.

Social media in this regard provided the less costly platform for advertisement that also has the

reach to the whole world.

The companies also increased their volumes through monetization of the accounts. Sharing

videos and different clips built interest in the people and also captured lots of customers, which

ultimately paid a subscription fee to watch these shows. These promo videos, trailers, or short

clips also provide income to the business; as more and more people watch these shows, social

media platform pays them through monetization.

Conclusion:

The public uses web-based media for amusement purposes, yet web-based media has become

part of our lives today. Each individual today utilize online media, and it isn't so much that they

just utilize one web-based media stage. Pretty much every individual uses more than one web-

based media stage, showing how significant it has become. Online media dually affects society,

as it has positive and adverse consequences. Assuming that it is utilized to acquire positive

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outcomes, it gives the ideal outcomes, and in case it is utilized for spreading viciousness, it will

make an adverse consequence. Today, online media assumes a key part in business development,

as the advanced age utilizes diverse web-based media stages to advance and market items.

Netflix is a brand, and pretty much every individual today knows Netflix. Netflix is a stage that

gives admittance to various amusement shows. Individuals come to be aware of the appears

through changed web-based media channels. There are many brands that were obscure for

individuals; however, because of online media, they are brands now. It makes brand mindfulness

in individuals, which brings about prompting an expansion in the number of clients and incomes

of the organization. At the point when we see the case of Netflix, it additionally shows that

through Facebook, they have acquired a huge number of supporters. Many individuals were not

keen on watching paid shows, yet Netflix utilized various procedures like sharing trailers,

promotions, short clasps of shows to foster individuals interest in the shows. It gave them a huge

number of subscribers.

References

Alexander Q.H. Chung, & Pavel Andreev. (2017). Managing an organization’s social media

presence: An empirical stages of the growth model. International Journal of Information

Management, 1405-1417.

Duane, Aidan, & O'Reilly, Philip. (2017). A conceptual stages-of-growth model for managing a

social media business profile. Irish Journal of Management, 78-98.

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Jean Burgess, Alice Marwick, & Thomas Poell. (2018). Social Media Marketing. In A. M. Jean

Burgess, The SAGE Handbook of Social Media (pp. 481-496). SAGE Publications Ltd; First

edition.

Zsófia Tóth, Martin Liu, Jun Luo, & Christos Braziotis. (2020). The role of social media in

managing supplier attractiveness: An investigation of business-to-business markets.

International Journal of Operations & Production Management, 40 (5), 625-646.

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