Social Media Challenges Encountered by Business Ventures

Archana Parashar ()
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Archana Parashar: Indian Institute of Management

Chapter Chapter 11 in Global Trends in Technology Startup Project Development and Management, 2023, pp 171-183 from Springer

Abstract: Abstract The advent of social media has revolutionized the communication process globally. The past decade has witnessed the transition from traditional marketing practices to e-marketing, allowing business ventures to reach multiple demographics simultaneously through social media platforms. The effective use of social media has assisted entrepreneurs and start-ups in accelerating their businesses and generating huge payoffs. Social media is accepted as a flexible tool facilitating content modification and brand promotional activities as per customer needs and evolving business ecosystem. The chapter’s primary objective is to highlight the challenges business ventures face as they explore social media to engage relevant stakeholders and online communities. Harvesting the unparalleled benefits of social media has now become associated with many costs. Social media marketing is a relatively cost-effective option, but creating a sound and attractive online presence demands a hefty investment of human, time, and mental resources. The growing business ventures constantly meander through social capital, continuity, and intellectual risks associated with social media platforms. The impending need to be omnipresent on the social grid has given rise to digital pressure, uprooting the work-life balance. The relentless fear of staining the brand reputation through negative customer associations obstructs entrepreneurs and start-ups from thinking out of the box and experimenting innovatively. These social media risks not only affect the current performance of business ventures but also determine their influence in the foreseeable future. The chapter highlights the beneficial social media opportunities before exploring the challenges entrepreneurs and start-ups encounter in navigating social media platforms. Some of the business strategies aimed at maximizing the potential of social media are also discussed to allow business ventures to employ social media to their advantage.

Keywords: Social media; Business ventures; Challenges (search for similar items in EconPapers)
Date: 2023
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DOI: 10.1007/978-3-031-40324-8_11

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