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Social Media Impact On Businesses Essay

1009 words - 5 pages

QUESTION:
Does the availability and use of social media on the Internet really provide businesses with new and different useful information?  If so, how?  If not, why not?
MY POSITION:
The availability of social media can and will provide business with new and different useful information.
DISCUSSION:
Social media is now widely used throughout the world. Below are some statistics in the social network use in the United States.
* 38,000,000 people in the US age 13 – 80 said their purchasing decisions are influenced by social media, a 14% increase in the past six months (Graham, P., 2011)
* 1,000,000 people view customer service related tweets every week, with 80% of them being ...view middle of the document...

These very useful feedbacks can be viewed instantly.
Consumers spend nearly as much time watching TV as they do on the Internet. Ninety seven percent of these consumers are researching purchase decision. A vast majority of these consumers now trust product reviews over corporate marketing. Seventy three percent of consumers post product reviews on different sites like Amazon.com, Facebook, or Twitter. Fifty two percent will blog about the product or services that they received. Compare this to the number of customers who will actually fill out a survey form from the company. Research shows that on average, only 4% of customers who were not satisfied will take the time to fill out the survey. (Allegiance, 2010)
USE SOCIAL MEDIA FOR PRODUCT DEVELOPMENT:
One article that caught my attention is “3 Ways to Use Social Media for Product Research and Development” by Stephanie Gehman. She said that “Social media is not as planned or controlled as a focus group when it comes to research and development; however, with concentrated time and dedication you can use these channels to your company’s advantage.” (Gehman, S., 2011)
Social media contains a lot of unsolicited but useful information when it comes to product development. These candid comments or review can be beneficial for research and development.
A simple 3 step process was introduced by Ms. Gehman.
#1: Establish your roadmap
What do you want to accomplish? Is it service or product oriented? Are you looking at new product development or improvement to an existing product? There are a lot of different areas that you can explore when establishing your goals. Social media can also be used to get input from consumers if they wanted a new product or just an improvement to an existing product.
#2: Pose relevant questions and collect the data
These questions can be posted to a variety of social networks or different forums. These questions can go globally if posted in the right social network platform.
#3: Put the data collected to work
These collected data can now be analyzed and processed for improvement of development of new product. (Gehman, S., 2011)
FINAL NOTES:
Social networking has drastically changed...

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