The New, Faster Face of Innovation
Due to the recent development in technology, businesses are finding it much easier to improve their ways of doing business. With today’s technology, companies can easily track the wants and needs of their customers and alter their methods in order to cater to those needs. One of the best examples of the effects technology has had in business lies in the world of social media As social media began to take shape, so too did the interest of businesses in reaching new markets and consumers via the various social media platforms that began to emerge. Quickly enough, observant companies saw that MySpace, Facebook, YouTube, Twitter, etc. were more than just a way for young consumers to “hang out” with friends and socialize. They were also becoming go-to avenues for product reviewing, and advertising; all stemming from the existence of a willingly captive audience. Facebook, for example, is the world's most popular social network for both businesses and individuals. Individuals are able to ‘check in’ to businesses so that all their contacts on social media are aware that they have visited the business. Businesses can create a Facebook page to create a customer community, provide customer service, conduct market research, and display product and business information. In addition, businesses can use Facebook as avenue for press releases, community and employee recognitions, as well as contests and other sales promotion activities. On a monthly basis approximately 1.23 billion users log in to Facebook at least once. As opposed to the classic forms of media (radio, TV, newspapers, etc.) the social media platform provides everybody with the ability to create and share content, to express feelings and thoughts on topics of interest at minimal costs. Generating valuable content will help companies reach out to a much larger audience in ways and with costs that nobody had ever seen until the creation of the internet and social...
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