Advantages and Disadvantages of Social Networking in Business

Question: Discuss about the Advantages and Disadvantages of Social Networking in Business. Answer: Introduction Various people engaging in business had first doubted the significance of involving social media in business, but the customer tastes and preferences together with the social media being the most available and easily accessible, forced business managers and entrepreneurs to dance to the tune of using them in business(Bruhn, Schoenmueller, Schafer, 2012). The social media platforms are numerous including Facebook, MySpace, Twitter, Linked-In among others. Various researchers did studies on the significance of using social media in business and came out with different results. According to (Jadoon, 2014), the advantages of using social media in businesses include; The social media platforms are ubiquitous. They can be assessed from any geographical region and at any time of the day or night. A business that uses the social media platforms to advertise their services and products have the advantage and opportunity to reach a wider market and a broader number of consumers at a very reduced cost(Bryman Bell, 2015). The business will not be limited to geographical regions only. Examples of global businesses that have been connected greatly with the social media platforms include; Coca-Cola company, Amazon bookshop and Starbucks coffee industry. The business of common interests can be able to organize meetings or seminars/forums to discuss a commonality that affects them all in their business strategy. An example of such forums is the one that was organized by Oil Manufacturing and Processing companies. According to (Houston, 2016), the oil companies had convened for a congress with one goal in mind; the extraction of oil in a very optimal and economical way. The Congress had brought various Exploration and Production (EP) artificial lift operators from different regions in the United States of America with the aim of brainstorming on methods of how to overcome the obstacles encountered during the process of picking the best artificial lift for pumping out oil. The social media platforms had been of significant effect in making known of the Congress and advertising it(Carolis, Litzky, Eddleston, 2009). Customers of common interest in a particular product or service can be able to compare and contrast the benefits they recei ve from a particular business organization(Chaffey, Ellis-Chadwick, Mayer, Johnston, 2009). This enables the business to get feedback on its market acceptance, find a way to adjust to challenges and improve on a particular product or service. Real-time information sharing Information shared on social media is send very fast, and can be replied to immediately. This has enhanced communication and intelligence sharing in businesses either within or out of business(Harris Rae, 2009). The results are prompt decision making and proper analysis of information and data. Information that could have otherwise taken days through traditional mailing system is quickly sent and instantly received by such services like emails. Businesses enjoy cheaper advertisement costs compared to the traditional advertisement methods. Previously expenses used in advertisement had to cater for transport, personnel, advertisement materials and payment to media houses. Social media has reduced all these costs as companies and businesses can comfortably advertise online using these social media platforms after only subscribing to a small internet connectivity fee(Jenkins, 2009). The revenues and profits realized have made so many businesses be able to diversify into other areas since expenses and losses are much reduced. Many businesses can be able to collect information and share it by using social media platforms like Facebook and Twitter, thereby reaching many consumers and potential customers(Jones Jayawama, 2010). New products and services being introduced can be easily be made an instantaneous cycle of news and people can know what is new in the market by watching what is trending. Reduced middlemen Businesses can directly supply or sell their services and goods to customers without the intervention of middlemen who distort prices for their benefit. The amount of information also given from marketing using social media is much more sufficient compared to that which may be offered by middlemen. Business, therefore, can be able to get direct feedback, reviews, comments and criticism on the quality of product/service provided(Leonardi, Huysman, Steinfield, 2013). This gives them a platform for improved innovativeness, creativity, and proper analysis with prompt decision making. The profits and revenues got are also enhanced compared to businesses transacted with the involvement of middlemen. According to (Bank, 2014), businesses and companies embraced the use of social media platforms in their businesses due to the advantages they enjoy. He illustrates that the tourism businesses have been made easier and improved due to the help of social media. The examples of advantages of using the social media for business are that; Innovativeness ad competitiveness The tourism industry, for instance, has enhanced its competitiveness in the business by offering services like tour guiding on the destination where one would wish to travel to, the requirements that may be needed, the advantages of visiting a particular site and the expectations they would meet(Molina-Morales Martinez-Fernandez, 2010). Online reviews by customers over a particular tourism business also enable the comparison of the customer satisfaction experiences hence, a signpost to either more creativity/innovativeness or improvement of special services. According to (Nadaraja, 2010), social media has recorded positive impacts on businesses that incorporated its use in the mainstream running of the business. He mentions a few advantages including; The social media platform has enabled effective communication in businesses and interactions between employees and employers. Impromptu business meetings can be easily organized by social media platforms like WhatsApp, and the venue and time communicated on only one message from the organizing secretary and received instantaneously by everyone in the group account(Mostafa, 2013). Business meetings that involve larger organizations may also include the use of Skype and video teleconferencing for members from various regions. Stakeholders or branch managers, therefore, do not have to book tickets or travel long distances to attend such meetings. The relationships and performances between employees could also be enhanced, as those who are shy can be able to inquire or consult before doing a transaction without having to say it in person(Picazo-Vela, Gutierrez-Martinez, Luna-Reyes, 2012). The results could be enhanced performance that could have otherwise been performed dismally if consultation was not made. Customer loyalty for particular businesses has also been enabled in an excellent manner by the social media. Customers interactivity has been modified in form and content, allowing them to be part of business prosperity, through higher involvement in spreading its benefits, higher ratings of credibility and positive attitudes towards the business and its services. Target marketing Various social media platforms can be used for various marketing by businesses. For example, when a particularly experienced employee hunting is done, platforms like Linked-In are used to outsource qualified and trained professionals(Prell, Hubecek, Reed, 2009). When a new product is introduced, or changes and improvements have been made to the original ones, then platforms like Twitter and Facebook are considered for marketing. These platforms are therefore used in various capacities to target different audiences efficiently and effectively. Smart marketing has enabled businesses to advertise their offerings to reach customers with interest of what they are selling hence increased sales and promotion(Sashi, 2012). Social media platforms have improved the way customers are served by businesses through the creation of customer service sites. Customers who may have questions about a particular product can be able to ask and get the answers online despite the geographical region in which they are based(Shankar, Venkatesh, Hofacker, Naik, 2010). This has been effective, especially for businesses that have a global setting. An example of such a business is the Starbucks. It enables the customers to order coffee online, and get other forms of services through the customer service platforms. Others businesses that have greatly benefited from these customer care platforms also are the banks and financial institutions. According to Society for Human Resource Management (SHRM 2010), the benefits of using social media in businesses is dependent on the platform type was chosen, the type of businesses and the features that the specifically chosen site encompasses. The benefits of using the platforms, as it illustrates include; Enhanced discovery and innovativeness is facilitated by open communication. This is both inside the organization and between the organizations and customers. Business ideas, links, and questions can be shared online by employees and stakeholders such that creativity, innovativeness and entrepreneurial skills can be shared widely. An opportunity for creating business contacts is also enabled through these platforms. Implementation of marketing campaigns, expansion of market researches, and direct involvement with consumers is enhanced by these platforms. According to (SHRM 2010), the social media platforms in businesses enable efficient recruitment of qualified and experienced personnel and marketing with a target audience in mind. Social media disadvantages to businesses The social media platforms also have some disadvantages to businesses. Some of these include; According to (SHRM 2010), a social media platform gives an opportunity for hackers to access information and data that is very crucial to the organization. The information may be used by the unauthorized people to bring down a business. The social media platforms also put the organization at risk of exposure to their weakness, through postings of objectionable and illicit information which may be difficult to amend(Sledgianowski Kulviwat, 2009). This may be exposed by disgruntled customers who may not be satisfied with services or goods provided by a business organization. The reputation may take time to amend, and losses would be realized instead of profits. Many customers fall at risks of a scam by preys with identity theft of popular businesses hence destroying the reputation of the business and customer loyalty. Face to face socializations are endangered: Many employees and business partners prefer to meet and talk online rather than meet and talk in person(Waters, Burnett, Lamm, Lucas, 2009). People have little or no time for their real friends but chat hours on end with their online friends. Building and maintenance of relationships is also put at risk as it is easy to block or unfriend someone whom they feel they dont agree with. The social media platforms give an opportunity to bullying and performance of obscene crimes that may destroy the reputation of the business and destroy it competitive advantages. Identity theft can also be used to conduct crimes to customers of an organization. Many employees have recorded dismal performances as they waste a lot of their working hours chatting with friends and browsing rather than doing online related businesses(Borgatti, Everett, Johnson, 2013). The social media platforms hence waste time of employees leading to reduction in the general sales and output. Intellectual property and data control, according to Bank (2014), has also become challenging to many businesses as they have to be keen in ensuring their secrets are not revealed and their best employees not manipulated. Conclusion The use of ubiquitous media or the social media platforms in the advertisement, marketing, and communication in business has recorded various benefits and disadvantages as have been discussed in this paper. The choice of a business embracing the use of these social media platforms will depend on the type of business, the features it provides and its effectiveness in ensuring the business doesnt record losses. The social media should enable a business to maintain its competitive edge and reputation in the market. The choice will entirely rely on management decision. References Baltar, F. and Brunet, I., 2012. Social research 2.0: virtual snowball sampling method using Facebook.Internet Research,22(1), pp.57-74. Bank, C. M. (2014). The Impact of social media: advantages or disadvantages? Borgatti, S.P., Everett, M.G. and Johnson, J.C., 2013.Analyzing social networks. SAGE Publications Limited. Bruhn, M., Schoenmueller, V. and Schfer, D.B., 2012. 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Using social network sites: The effects of playfulness, critical mass and trust in a hedonic context.Journal of Computer Information Systems,49(4), pp.74-83. Waters, R.D., Burnett, E., Lamm, A. and Lucas, J., 2009. Engaging stakeholders through social networking: How nonprofit organizations are using Facebook.Public relations review,35(2), pp.102-106. Advantages and Disadvantages of Social Networking in Business Question: Write about theAdvantages and Disadvantages of Social Networking in Business for MySpace. Answer: Introduction: Social Networking in Business In the last few years social networking through the social media has become ubiquitous and an important tool in the everyday life of the people in all walks of their lives. The SNSs or the Social Networking Sites like the Face book, MySpace, and YouTube have millions of people accessing them every day for a variety of interests, reasons, and practices. The impact of Social Networking is becoming increasingly pervasive and can be felt in all the spheres of the modern life from educational, social, economic, business, and marketing (Ricciardi, 2014). The social networking sites with their wide reach and impact are becoming an important channel for most of the business organisations today. The purpose of this study is to present the impact of social networking on the business organisations today and how the business today is using the social networking channel as a strategic tool for expanding the reach of their business. Project Objective The objective of this project is to study the advantages that the social networking is providing to the business organisations today and how is it helping businesses to spread their reach more effectively than the traditional marketing and promotion methods. Project Scope This study will also examine the various disadvantages that occur with the use of social networking for business. This paper will examine the different challenges and problems presented by using social networking as a strategic tool for marketing and advertising of a business organisation Literature Review Social media networking has been in existence for a period less than two decades but has gained widespread prominence in all segments of society. Social networking sites like LinkedIn, Face book, MySpace, Twitter, Instagram, and much more have gained a following of more than one billion users in just about a decade of their existence and the users continue to grow in numbers every day (Social Media: What are the advantages and disadvantages of social networking sites, 2016). The commercial value and potential of the social networking became apparent to business leaders and soon the social networking became an integral part of the marketing and advertising department of business organisations. While individuals use the social networking to build personal relationships and personal interaction, the business organisations consider them as platforms on which they can interact and communicate with the existing and potential customers directly (Nadaraja, Yazdanifard, 2013). This presents a paradigm shift from the earlier used traditional methods of customer interaction as the companies can connect to millions of customers at the same time with just the click of a button. The prospective and the existing customers also make use of this platform to gain more information about the company and their business practices in much faster way. Any marketing strategy using the social networking sites has a reach that cuts across borders and reaches a much wider horizon and can be accessed by anyone who has an internet connection anywhere in the world. Social networking in business has many advantages but at the same time like any other business strategy, it has some prominent drawbacks or disadvantages which can have strong impacts on the business (Abrons, n.d.). Advantages Brand Awareness and Exposure: Social networking improves brand exposure and increases awareness of the brand. This is especially beneficial for new brands which can increase their visibility and create awareness about their products and services through the social networking platforms. The social networking sites have provided a new launch platform to the new and existing businesses where the companies can present their services and products to the consumers in a more interactive manner (Colliander, Dahln, 2011). This is the first step in building a relationship with the consumers and on the social networking sites, the consumers can get to read about the different services and products being offered by a brand in detail and can also read the reviews from the other users about the quality of the services and products of a particular brand (Hensel, Deis, 2010). Target Market: Social networking sites have made niche targeting of the consumers much easier than the traditional methods as the companies are able to target audience based on the personal interests, preferences, and needs of the consumers. Social networking offers the option of smart marketing in which the online traffic of consumers who are interested in services and products of a company can be directed to the companys websites through the social networking sites (Assaad, Gomez, 2011). Competitor Monitoring and Market Insights: With the advent of the internet, social media, and social networking, the competitor monitoring and market research have been completely transformed. Competitive benchmarking has become an important tool in the business and marketing strategy of all the organisations today. Since most of the competitors are operating in the same marketplace and are targeting the same audience, it becomes imperative to examine the competitors strategy and the consumers reactions to the competitors strategy (Smits, Mogos, 2013). All this becomes easy with social networking as most of the companies are active online and this presents a unique opportunity to a business organisation to read in detail about the services and products, the goals, strategies, and execution methodologies of the rival companies. The social networking is a valuable tool when it comes to assessing the current trends in the market and market research in the areas related to competition monitoring and target market segments (Edosomwan, Prakasan, Kouame, Watson, Seymour, 2011). Lead Generation: A large number of marketing professionals admit that social networking strategy in a business helps in increasing the lead generation for a business. The advantage over traditional methods is that by spending a much lesser amount of time, the marketers can generate much more leads through social network marketing strategies. Blogs, social interaction sites like Face book, can help to create a connection with the potential customers. Companies can share useful content and information on their social media pages and even answer queries about the company, its products, and services. This creates a brand value for the company and can turn the visitors to the company webpage or website into a potential lead (Parveen, 2012). Cost Effective: Social networking as a marketing and advertising tool has proved to be one of the most cost effective means of business promotion. The financial barriers to using social networking sites and social media as marketing implements are very low as compared to the traditional means. While an advertising and marketing campaign by using the traditional methods can cost a business millions of dollars, many of the social networking tools being used by the businesses are free. The viral nature of the social networking also means that the consumers who read the information about the services and products of a company have the ability to spread it within their individual networks, in a cost effective manner and in a short period of time (Michaelidou, Siamagka, Christodoulides, 2011). Customer Service and Public Relations: Customer Service and public relations are the other critical areas when it comes to using social networking for business. The customer service department can get to interact with the consumers and the potential consumers on almost a daily basis and can learn about the drawbacks, complaints, and grievances about their products and services and provide effective and faster solutions to the consumers. Similarly, social networking is a very effective tool for HR departments in supporting the companys recruitment system. Through the social networking sites like Linkedln a company can build a professional network creating a talent pool and keep track of the performance of prospective employees (Hanafizadeh, Ravasan, Nabavi, Mehrabioun, 2012). Disadvantages Although social networking has offered a lot of new opportunities for business organisations, it has certain risks and drawbacks that the marketing managers must keep in mind while devising their business and marketing strategies. Time Intensive: Social media and networking are interactive platforms where two-way communication is important for success. While planning a marketing strategy on the social networking platforms, the focus of the strategy is more developing long term relationships which can be converted into sales figures. Therefore, dedicated personnel will have to be devoted to the task of monitoring the social networks, answering the queries and questions, and post the relevant product and service related information on the network. An organisation which does not have dedicated professionals monitoring the social networking will not be able to compete with others. Therefore, social media networking needs lots of time investment and simply posting on a few social media sites will not get fruitful results for the business (Oyza, Edwin, 2015). Copyrights and Trademarks: It becomes an important exercise for the companies to protect their copyrights and trademarks when they start operating on the social networking platforms. The brand name of the company and the other intellectual property is just as valuable as the other services and products of the company (Paquette, 2013). While the impromptu communication and faster publicity may help the company in disseminating useful information and copyrighted material to its target audience, the same facilities can be abused by miscreants to abuse a firms copyrights and trademarks. The companies have to regularly monitor their social networking platforms and also the social media being used by third-parties to ensure that their intellectual property is not being misused in any manner. This kind of impersonation can harm the companys brand name and reputation if it is left unchecked or undetected (Aral, Dellarocas, Godes, 2013). Privacy, Trust, and Security: Many of the consumers feel that social media marketing is intrusive and invades their privacy. The users are also concerned about their personal information being misused and fiascos related to the privacy concerns have led to major criticisms of the public relations departments of many companies resulting into an erosion of confidence in the company and a negative brand image. Trust in a brand name and the company are very important in generating business on the social networking sites as there is no personal interaction with another person while generating business and sharing information. Therefore, companies while using the social networking sites should develop stringent policies safeguarding the interests and privacy of the consumers. Lack of Control on Feedback: The social networking sites can convert the potential customers into viral advertisers and marketers for a company and this creates a pressure of positive and negative feedback for the company. Depending on the way a company projects itself online and the quality of services and products it offers to the customers, both positive and negative feedback can be generated for the company based on the individual experiences of the consumers (Scott, 2015). The value of the consumer product-reviews, tags, and images have increased manifold for the potential customers seeking feedback about the services and products of a company. In many cases negative posts, disparaging comments and pictures can damage the brand name of a company and because of the viral nature of the social media, the companies at times cannot control the damaging effects of such negative publicity (Hajli, 2014). Conclusion In the present world dominated by social networking the consumers have assumed a new role of content creators and are more proactive and functional customers than they were in the past. While the social networking offers a plethora of opportunities to the new and existing businesses, it also has some major drawbacks and risks associated with it. A company that wants to utilise the social networking to expand its business should undertake a research on the effective social media practices and should gain knowledge about the strategies of using the social networking and social media as an efficacious tool in their business strategy (The Advantages and Disadvantages of Social Media Marketing, n.d.). References: Abrons, R. (n.d.). The Disadvantages of Using Social Networks as Marketing Tools. Retrieved from: https://smallbusiness.chron.com/disadvantages-using-social-networks-marketing-tools-20861.html Aral, S., Dellarocas, C., Godes, D. (2013). Introduction to the special issuesocial media and business transformation: a framework for research.Information Systems Research,24(1), 3-13. 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