The Perks of Being a Social Butterfly

How Social Media is taking the World by Storm   

Nicholas E. Phinney

Social media is no longer a tool solely used by hip individuals and celebrities; everyday individuals and even many businesses now use it. Something that began as a fun way to connect with others has now become one of the most prominent business and marketing strategies.  In fact, “Social media platforms like Facebook, YouTube, and Twitter are fundamentally changing the way businesses and consumers behave, connecting hundreds of millions of people to each other via instant communication. This is a massive socio-economic shift that is fundamentally changing the way consumers and companies communicate and interact with each other” (Qualman, 2013, p. 5). Advertisement began as word of mouth; one man wanting to be the first to inform another of something they’ve learned. That competition; however, no longer exists. The constant updates coming from across the globe have made it nearly impossible to claim who knew what first. World, social, and personal news have ultimately become inevitably unavoidable to anyone involved with social media.

            It is no secret that what is created through the use of social media has a significant affect on our economy and the establishments that function within it. The VP of Chadwick Martin Bailey, Josh Mendelsohn, states, “While social media is not the silver bullet that some pundits claim it to be, it is an extremely important and relatively low cost touch point that has a direct impact on sales and positive word of mouth.” Social media has become so common that society often will doubt a company’s relevance that does not have a digital identity. We have become so dependent on social media that our own opinions are easily altered and swayed by the judgments and perspectives of others.

            With just the click of a button, companies are able to share with the world photos, updates, or any other sort of important information. From there, any followers or fans can spread the word by sharing information. Sharing a link or commenting about it, for example, a person posting a picture of a product that they recently bought, generates followers. It is said that about 53% of people on twitter recommend products in their tweets. This benefits companies because it spreads interest among the online community, which ultimately leads to more sales. Studies have concluded that more than 50% of twitter followers and Facebook fans are more likely to purchase or advocate companies and their products. Nearly every news station that was previously only available on television now has a twitter.  The majority of our population not only uses their social media devices as televisions, but every fact and breaking news story no longer has to be seen by the naked eye. It can be read and summarized in 160 characters or less on twitter. Not only do social media present a faster more reliable source for information, we are able to see other’s opinions as well.

            It is evident that today’s trend, social media, is the most prominent promoter for companies and their products. Through the use of technology, consumers no longer have to look for news; it now finds them. Companies who have not jumped onto this new way are already one step behind the game. At this moment in time, social media runs the economy. After all, “Social Media isn’t a fad; it’s a fundamental shift in the way we communicate” (Qualman, 2013, p. 208).  The well-known action of “hash tagging” has become a way of creating trends. Within 5 minutes, millions of twitter users will participate in a worldwide activity, which will most likely last less than 10 minutes. The speed, causality, and personal aspect of social media have introduced a new way of living. Through social media, the relationships between businesses and consumers have increased and become more personal. Businesses and society have all come together to create a powerhouse of networking thus leading to the concept alteration from economics to socialnomics.

The Social Media Revolution

References:

Bailey, C. M. (2010, March 25). Does Social Media Affect Buying Behavior? Retrieved from http://www.viralblog.com/research-cases/social-media-affects-consumer-buying-behavior/.

Leena, O. (n.d.). Is Social Media Taking Over Our Lives?. Retrieved from http://www.webfly.com/what-are-the-psychological-effects-of-social-media/

Social media. (n.d.). Retrieved June 23, 2013, from http://en.wikipedia.org/wiki/Social_media

Qualman, E. (2013). Socialnomics: How Social Media Transforms the Way We Live and Do Business. Hoboken: John Wiley & Sons.