Social media is considered as one of the key tool of every business organization to attract a large number of audiences (Beverungen, Böhm and Land 2015). The innovation of internet and other form of new media has influenced the growth of every business organization. The success of the business organization is highly dependent on the communication procedure that has been used by the business organizations. Social media marketing has become an integral part of the organizational strategy (Treem et al. 2015). In this online era, it has become very important for every organization to use new media for the promotion of the brand name. Almost all the leading organization is using social media to attract their potential buyer. It fosters the development of the organization. The social media in recent time are being used as the marketing agent of every business organization. People in recent time have become fond of social media. They often access their social media accounts to stay updated. This has provided a great opportunity to the business organization to use new media to as a weapon to draw the attention of buyers (Burleson 2016). The below mentioned article has discussed about the role of social media on the business organization. It has enlightened various aspects of social media to present a vivid picture on social media.
Social media can be described as the technologies that are mobile and web-based, which allows effective communication over the internet. The information age in the modern world has made social media an integrative part in the daily lives of the people on a global scale. Conventional media such as radio and television and print media is limited to a certain extent whereas social media tends to reach more further locations within a short span of time and convey the information that the companies want. The fact that social media is comparatively new in the modern world but it has become an essential part in the marketing and the development of the customer base of the different firms has led to the popularity of this platform (Gensler et al. 2013). It can be seen that almost 95 percent of the companies that have a marketing and advertising department use the social media as a platform to market their products and services (Weinberg et al. 2013). Almost all the companies have their own social media platforms where they can advertize their products and the services that can be seen by the customers that they want to target (Trainor et al. 2014). Since, the demand of the social media has been rising among the common people many business ventures have taken advantage of this trend in their business and corporate level strategies. Being a cheap and effective media, social media has become the most preferred and desired medium to promote the brand name or promote any product. The business organizations often use social media to collect the opinion of the customer over any products of service. The business organization often conducts several surveys on the social media to identify the impact of their product or service on the consumers. It helps the business organization to identify their mistakes (Tchape and Wilcox 2016). It helps the organizational management to improve the quality of its service. It helps the business organizations to carry out any new business ventures smoothly, as being a marketing partner of the business organization social media draw the attention of a large number of mass on the behalf of the organizational management of the business organization.
At a global level, it can be seen that social media has a huge impact on a multinational firms. Organizations on a global scale are accepting social media because it is a cheaper and a convenient way of achieving growth in the business. The use of social media has revolutionized the way the techniques of marketing on a global scale. These help in giving a positive impact on the company by building the customer relationship, retention of the customers, public relations and market research. The negative impacts of social media on the global scale for the companies are that thee productivity in the workplace is reduced largely, which results in loss of money by the organization (Lee et al. 2014).
The people and the organizations in the modern world are all connected and the organizations keep them updated with the latest products and the services through sites like YouTube, Face book and Twitter and the different blogs that are run by the companies. The convenient use of the social media are also faced with technological and economical challenges as the internet has many hidden agendas that the common masses have to pass through to view the websites of the organization (Gritzalis et al. 2014).
There are many example of how the innovation of modern communication techniques has changed the organizational structure of a business organization. One exemplary example of such business organization is Redfin. Redfin is an online brokerage firm that has recently faced massive crisis due to the tiff with real estate agents. The organization has started its journey on 20014. It is located in Washington. It deals with various lands, fresh and resale properties (Redfin.com, 2017). Redfin offers deals in lesser amount from the purchaser than the real estate agents. The real estate agents started blacklisting Redfin due to their loss. According to the real estate agents, they are responsible for the loss they are facing. It leads the organization to face massive crisis. Glenn Kelman, the chief executive officer (CEO) of Redfin has taken an extra ordinary initiative to deal with the situation by using new media. The leader has chosen to interact with their buyers instead of keeping quiet. Glenn has started a company blog where he starts to discuss about the real issues that the organization is facing. The leader starts discussing about various issues that one real estate companies often faces. He has shared various obstacles that he and his company is experiencing in the market. He has shared about the struggles he is doing every now and then to survive in the race, criticism he is facing from the real estate agents and other rival companies. This has helped him to draw the attention of a large number of purchasers. The buyers come to know about the obstacles that Redfin is experiencing. Customers loved the transparency level that has been maintained by the CEO of Redfin Glenn Kelman (Varotto et al. 2016). It has helped the organization to gain the desired reputation in the society. The customers and rest of the society has appreciated the effort of Redfin and the team of Redfin. In this blog the CEO sometimes has made the fun of himself to reveal the truth of the real estate market. The society has appreciated such practice of the CEO. They have acknowledged the fact that how can someone make fun of own to uncovered any truth (Laroche, Habibi and Richard 2013). This has helped the organization to overcome all the challenges that has been faced by the CEO of Redfin and his team. The organizational management has set an example by using new media to communicate with the consumers to share their issues. After CEO has taken this innovative and unique step, Redfin has experienced massive progress in their profit margin. This incident has influenced the growth of the organization. The organization has overcome all the challenges it was facing earlier. The transparency level that has been maintained by the CEO and rest of the team of Redfin has affected the buyers and society in a significant manner. The organization has earned the faith of its stakeholders and society that has motivated the organization to provide more effective and efficient service to its consumers (Grégoire, Salle and Tripp 2015). The organizational management of Redfin is aware of the fact that it is important to maintain healthy and transparent relation with the consumers to run a business organization successfully. By using new media Redfin has brought revolution in the real estate industry as well as in the entire world. Redfin is considered as one of the milestone in the real estate market not only for its efficient service. It has set an example by using new media in an effective manner.
As per the previous discussion, it can be stated that communication is highly important for every business organization. In this competitive era, where every business organization is incorporating new strategies to improve the quality of the service, use of new media has become an integral part of the organizational strategy. In order to draw the attention of maximum number of audience, collect their opinion over an issue or promote the brand name of an organization, it has become very important for every business organization to seek the help new media. It helps the business organization to reach to a large number of consumers and puts a significant foot print on among the consumers. The innovation of various social networking sites has made the product marketing easier for the business organization. Almost all the leading business organization uses new media to influence the growth of the organization, match the satisfaction level of the consumers and earn huge revenue.
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