Social networks are becoming increasingly important in promoting websites and brands, as well as in the field of large-scale advertising campaigns. The popularity of social networks inspires manufacturers of various products and contributes to the emergence of new projects and large-scale advertising campaigns. For example, Visa has created its business network on Facebook, which helps small companies grow their own business (Barcelos et al., 2018). Social networks help firms develop such aspects as the growth of loyal consumers, as well as the subsequent increase in sales.
For the most part, social networks have a positive impact on business development. First of all, thanks to the Internet, it has become much easier to build partnerships. It also helps create a unique product that meets the needs of customers (Olanrewaju et al., 2020). By interacting with customers on social media and getting feedback, companies can improve their products and create exceptional value for the consumer. That, in turn, will have a positive impact on sales, which will only grow. Of course, it takes a lot of time to establish relationships with customers that will later increase company profits. However, it will be possible to note a high percentage of return on time spent on development in the future.
Social media offers a faster and more cost-effective way to reach new target markets than marketing through traditional media such as websites, newspapers, and television. It is also a tool for communicating with other company stakeholders such as technology providers, distributors, and customers (Olanrewaju et al., 2020). Thus, social networks will accelerate the move from ‘quantity’ to ‘quality’ much faster, as it has become more convenient to position yourself and your business.
References
Barcelos, R. H., Dantas, D. C., & Sénécal, S. (2018). Watch your tone: How a brand’s tone of voice on social media influences consumer responses. Journal of Interactive Marketing, 41, 60–80. Web.
Olanrewaju, A.-S. T., Hossain, M. A., Whiteside, N., & Mercieca, P. (2020). Social Media and Entrepreneurship Research: A literature review. International Journal of Information Management, 50, 90–110. Web.