Social Media and the Business World
Not what you're looking for?
Does social media have a place in the business world? How would you use social media to promote your business? If you wouldn't use social media, what online strategies would you employ?
Purchase this Solution
Solution Summary
The solution discusses if social media has a place in the business world.
Solution Preview
Does social media have a place in the business world?
How would you use social media to promote your business?
If you wouldn't use social media, what online strategies would you employ?
Social media is a powerful tool. It does have a place in the ecommerce world, and the research so far suggests that social media is essential to profitability and market share. Levi-Strauss, for example, advertised on Facebook fairly early. The use of the "like" button was reported to have increased web traffic to the Levi site by 40%. In addition, referrals (that is, means by which a potential consumer accesses your site) in social media far outweigh referrals deriving from search engines. It outweighs it by nearly 200% (Lemming, 2012).
Using social media as a way to boost traffic (and hence, sales) must be carried out with extensive knowledge of your customer base and the nature of those likely to purchase and keep purchasing from your store. Once your demographic is determined, then use social media only in those areas where your customer base might lie. For a simple example, if you are selling books on Russian history online, using social media would revolve around appearing on those groups or pages that have a clear connection to Russian history. If you then realize that your base is increasingly older Americans, then you have another variable: Russian themed pages that also have an older and American demographic. The greater the precision, the greater the rewards. Facebook is particularly useful here, since their own platform seeks to integrate any retail firm with users who are likely to be ...
Purchase this Solution
Free BrainMass Quizzes
Economic Issues and Concepts
This quiz provides a review of the basic microeconomic concepts. Students can test their understanding of major economic issues.
Economics, Basic Concepts, Demand-Supply-Equilibrium
The quiz tests the basic concepts of demand, supply, and equilibrium in a free market.
Pricing Strategies
Discussion about various pricing techniques of profit-seeking firms.
Elementary Microeconomics
This quiz reviews the basic concept of supply and demand analysis.
Basics of Economics
Quiz will help you to review some basics of microeconomics and macroeconomics which are often not understood.