Page 1 of 6

Social Networking Sites for Business

Continues for 5 more pages »
Read full document

Social Networking Sites for Business

  • By
  • April 29, 2013
  • 1844 Words
  • 7 Views
Page 1 of 6
Social Networking Sites for Business

“Like us on Facebook”, “Follow us on Twitter”. If you don’t mind paying a little attention, you will find these slogans everywhere in your daily lives. Just a few years since its appearance, social networks have established grand popularity in digital world. Social networking sites (SNS) are, as Chaffey (2009) defines: Sites that facilitate peer-to-peer communication within a group or between individuals through providing facilities to develop user generated contend and to exchange message and comment between different users. Social networks mania apparently attracts people looking for business opportunities. Afterwards, social networking sites have found a new respect in business world rather than just something people use to play online social games, reconnect with friends and families or post photos, comments and other contents. Particularly, social networking sites benefit business as an advertising channel, a communication platform and a recruitment tool.

The most obvious use of social networking sites for business is marketing/advertising. The potential of social networking sites being used as marketing/advertising tool cannot be overestimated for two reasons: huge audience amount and low cost. eBizMBA offers statistics about the top most popular social networking sites as of April 2013, estimated unique monthly visitors of Facebook 750 million, Twitter 250 million, LinkedIn 110 million. Companies’ using SNS to advertise their products and services highly utilizes the advantage of existing huge amount of and globally spread SNS users at low cost. Say, a commercial ad on TV is only on air within the country and has limited audience and the cost is usually as high as $100,000 for 30 seconds. If the company posts this ad on Facebook, the ad is presented in front of 750 million people from all over the world and the cost is low, or even none. Newman (2011) suggests that: Over 90% of the Fortune 500 have established...