Social media’s effects on businesses

Luke Elkins and Mahdi Larhami

Millennials are the most entrepreneurial generation, according to a Forbes report. sixty sic percent of millennials want to start their own business, 37 percent want to work for themselves, and 25 percent would like to own their own company.

The only problem is how. As of 2013, only 3.6 percent of businesses were owned by someone under the age of 30. The statement of interest is there, but where is the action?

With the rise of social media, it gives entrepreneurs an easy platform to grow a business.

Roughly two billion people worldwide have social media accounts,  27 percent of the world’s population. 100 million people use Snapchat,  500 million people actively post on Instagram, 974 million are active on Twitter, and a whopping 1 billion people are active on Facebook.

Corporations are seeing the potential in social media and are investing money and resources in it.

Social media gives start-up companies a boost to start their business. Social media provides them a platform to make a name for their business. It lets people worldwide know about the company.

One of the greatest abilities of social media is that it allows businesses to connect with customers.

Businesses can gather relevant customer responses and use that to adjust business decisions. Companies can also mold out an image for their brand. Perception of brands can easily be based upon what types of pictures, tweets, or status updates are posted.

For example, Denny’s is very well known on Twitter for its unique tweets. People associate the funny tweets with the business.

For example, one tweet reads: “give it up for waffles! thank you for not screaming when we press searing hot squares into your soft bodies! that would make it weird!”

Social media also allows businesses to quickly respond to customer service issues. Instead of waiting on the phone for hours for customer support, customers can tweet at a business and receive a prompt reply. 

When you post a tweet, or post a picture on Instagram, hundreds, thousands, maybe even millions of people see it. The potential to grow businesses is there. Social media also encourages collaboration between companies.

It allows them to work together on projects and find potential business partners.

Another way businesses can use social media to their benefit is through internet trends.

By posting something relevant to the trends, they can draw people to their business and reinforce emotional connections to their brand

Also, social media allows the collaboration between customers and business.

This is key because a lot of customers want to know what they’re buying.

fl-magic-leap-broward-incentives-20151127One start-up that has made the most of social media is Magic Leap. Magic Leap is a company developing an augmented reality system.

Magic Leap haven’t even revealed exactly what they are making or when it’s released, but they’ve totalled 60k likes on Facebook and 32k followers on Twitter.