The social media impact on business development

Veronika Khudolei
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Veronika Khudolei: Higher Educational Institution "Academician Yuriy Bugay International Scientific and Technical University"

Economic Synergy, 2021, issue 2, 5-15

Abstract: The key role of the social media impact on the progressive business development is determined. The leading social media platforms used by marketers worldwide are identified. The key social media opportunities for business (revenue, brand awareness / development, networking, recruitment) are described. The major benefits of social media for business are justified. Among these benefits are customer insights improvement, better customer service, cost efficient, connectivity, establishing brand awareness and sales. As a result of the analytical and empirical studies, it is proposed business promotion constituents in social media. Their implementation by business owners will make it possible to carry out stable activities in the short and long term.

Keywords: benefit; business; business promotion constituent; development; opportunity; social media (search for similar items in EconPapers)
JEL-codes: L81 M1 M31 (search for similar items in EconPapers)
Date: 2021
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Persistent link: https://EconPapers.repec.org/RePEc:bja:isteus:y:2021:i:2:p:5-15

DOI: 10.53920/ES-2021-2-1

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