SOCIAL MEDIA AND ITS EFFECTS ON THE GROWTH OF BUSINESSES

Anamaria-Mirabela Pop () and Monica-Ariana Sim ()
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Anamaria-Mirabela Pop: Department of International Business, Faculty of Economic Sciences, University of Oradea, Oradea, Romania
Monica-Ariana Sim: Department of International Business, Faculty of Economic Sciences, University of Oradea, Oradea, Romania

Annals of Faculty of Economics, 2020, vol. 1, issue 2, 370-380

Abstract: Social media, and social networking, have changed the business landscape, both for companies that have adopted them and for those that have not. By definition, social media represent platforms where members share content with a wide audience, with the focus on the content, while social networking sites are more centered on conversations and groups having the same interests. Facebook, which pulls the line dividing the two types of interactions, has 600,000 regular users worldwide and welcomes companies, organizations, and brands to use its platform to connect with their audience. Almost all social networks have incorporated a measure of social media, allowing users to become curators of the interesting content they find, sharing links, images, and short personal stories. Businesses which have learned to create content and engage in conversations are already ‘in the stream' – and more and more, internet users expect they will be able to interact with their favorite brands. Companies that have embraced this have a definite advantage over those which have not. The aim of this paper is to investigate the role and economic impact of social media on businesses. It aims to investigate the benefits available from the use of the internet and social media sites for businesses. Social media have a positive impact on businesses and offer an opportunity for their audience to find them on social media. It helps to reach to their targeted audience, stay engaged with them and respond to their questions instantly. It is a great way to evaluate their competition by monitoring their social media pages. The paper focuses on the multiple positive impacts on business in terms of brand recognition, customer engagement, revenue, and customer service. It emphasizes the importance of social media in the growth of businesses, being also a great tool to evaluate their competitors and how they are using social media for their growth. By using social media, business are taking every opportunity to increase awareness of trade and development opportunities in a way that drives changes in behavior and inspires action. Doing so connects a certain industry with business opportunities abroad and leads to sustainable development in partner countries.

Keywords: media; social media; business; customer engagement; brand recognition (search for similar items in EconPapers)
JEL-codes: Z19 (search for similar items in EconPapers)
Date: 2020
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