Importance of Social Networks for Businesses

Companies after noticing a significant amount of target people spending their time in Social networks, has decided to use these social networks to built their brand reputation, strategies and marketing activities. Social networks have become a part of people’s life and to communicate and share ideas.
Social Networks have become a part of people’s life. In terms of customer feedback and interaction these social networks have helped the companies to be taken to the next level. Most Companies have recognized that having a profile in these social networking sites will not only help them to develop a brand name but also increase their market exposure.
The rapid growth in the number of Social networking sites acts as a stand alone proof to the influence it has created in the whole world. In the year 1997 it was just classmates.com and sixdegress.com which were prominent SNS. But today it has grown to around 200 sites and among them Facebook and Twitter are the torch bearers. These two sites boast of around a billion registered users. This can be summed up in a single phrase” One in every 7 person in this world has a Facebook (or) Twitter account”.

Benefits of social networking sites.

• SNS have helped the companies to interact with customers and obtain their feedback about their products effectively.
• You can update the latest activities and up gradations you make in your company to mass audience.
• Promote your products and services.
• Successful and effective Implementation of o electronic customer relationship management
• A better focus on the market and limitless number of customers
• Enabling different mode of advertisements like “word of mouth” which has more reach than the normal forced advertisements
In this information age most of the companies have a website and a company without a website is just treated as a one which does not have a physical address. And it is equally important to promote these sites so that people will better know about the services your provide. Social Networks can provide you a better platform for that approach. And it is the cheapest and the most effective way to promote your business.

Impact SNS will create on your market.
This will help you to get to the targeted audience very easily. Normally people who join SNS used to create a profile and will get connected to existed members , pages or business. These social networking sites mostly have groups where people with similar interest can share their views and ideas. If you can market your products in these groups which is relevant to your product/ service it has a good possibility to attain a wider reach.

Impact of SNS over purchase Intention:
People in these social networks discuss about a lot of things including the recent product they brought and the pros and cons they faced in those things. Many people around the world believe that the feedback they get from the existing users is more reliable than other kind of reviews. If a business product is really good and worth then the good word of mouth about that is sure to generate a good purchase intention among other potential buyers. Social Media plays a huge role in this regard.

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