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Understanding Social Media for Businesses
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Understanding Social Media for Businesses
By
The OLLMOO Team
7 Minutes
New Project
April 5, 2024

Understanding Social Media for Businesses

Social media has had a profound impact on businesses across various industries, influencing how they engage with customers, market their products and services, and manage their online presence. Here are some key highlights of the impact of social media on business.
Understanding Social Media for Businesses
Social Media refers to the means of technology-based interactions among people in which they create, share, and/or exchange information and ideas in virtual communities and networks.

At its inception, social media was used to keep in touch with friends and family, but businesses soon saw it as a way to reach customers through a popular new way to talk. The first recognisable social media site, in the format we know and understand today, was Six Degrees – a platform created in 1997 that enabled users to upload a profile and make friends with other users. Six Degrees was based on the concept of the six degrees of separation. Gardiner Morse, in a Harvard Business Review article titled The Science Behind Six Degrees, defines this concept as “the idea that we’re all connected by just “six degrees”- six other people”.  Later, with the launch of Facebook by Mark Zuckerberg as a Harvard sophomore on 4 February 2004, the trajectory of social media and its impact on everyday life was shaped.

At the core, as defined by Our World in Data in an article titled The Rise of Social Media, the features that define a social media platform are:

(i) profiles for users

(ii) the ability for users to upload content

(iii) the ability for users to discuss content and connect with other users.

A Timeline of Social Media Platform Launches

Social media is as dynamic as water; ever-changing by nature with no proven or steadfast rules besides the need to have a core understanding of human psychology and social behaviour. One of the intrinsic beauties that social media offers is its ability to extend information to an audience with its unmatched global reach and visibility. Herein lies its major benefit for businesses. Across various industries, social media influences how businesses engage with customers, market their products and services, and manage their online presence. As a business in 2024, it is almost irresponsible to not have a social media presence of some sort. Since our mobile phones have become a quick referencing tool in this new digital age, researching any business online often leads users to checking business credibility on social media. In essence, social media has become the first point of contact, acting as the new virtual 24/7 brand ambassadors for businesses.

If you don’t have a social media presence, do you even exist?

But social media should not be confused with the old known communications and marketing portfolios of yesteryear. While your business may be corporate by nature, social media should be the space where you aim to be relatable, real and relevant. The online personality of your business lives on its social media platforms with its own character, nuances and look-and-feel. Being real means being vulnerable. Social media algorithms favour authenticity, rawness and vulnerability as these factors often enhance relatability and effectively increase overall engagement. OLLMOO is living proof of this. We recently incorporated content into our scheduling that included photographs of the entire OLLMOO team as a part of our birthday celebrations this year. The content was extremely well received by audiences across all our social media platforms. This sort of content inclusion demonstrates that a real person sits behind your content strategy and that you do not have an AI bot crafting content for your business. Perhaps an indicator that the human touch, is what social media currently favours...

Social media should not be confused with the communications and marketing portfolios of yesteryear.

Some of the major benefits of social media for business are:

  • Increased Brand Awareness and Visibility
    • Through strategic content creation, sharing, and advertising, companies can raise brand awareness, attract new customers, and expand their market reach globally.
  • Customer Insights and Market Research
    • Social media provides businesses with valuable insights into customer preferences, trends, and sentiment through social listening tools and analytics. By monitoring conversations and feedback, companies can gather actionable data to inform product development, marketing strategies, and customer service improvements.
  • Brand Reputation Management
    • Social media plays a crucial role in shaping brand perception and reputation. Businesses can monitor mentions, reviews, and comments to address issues promptly, manage crises effectively, and maintain a positive brand image online.
  • Industry Insights
    • Social media allows businesses to monitor competitors' activities, industry trends, and consumer behaviour in real time. By staying informed and agile, companies can identify opportunities, adapt their strategies, and maintain a competitive edge in the market.
  • Community Building and Advocacy
    • Social media fosters the creation of online communities centred around shared interests, hobbies, or brand affiliations. Businesses can build loyal communities of brand advocates, influencers, and ambassadors who actively promote their products or services, driving engagement and brand loyalty.

Social media has transformed the way businesses operate, offering unprecedented opportunities for communication, marketing, customer engagement, and growth. However, it's crucial for businesses to develop a strategic approach to social media, tailored to their goals, target audience, and industry dynamics, to maximise its impact and efficacy. If social media is uncharted territory for you or your business, use this recent data collected by The Sprout Social Index as a guide into the type of content that audiences want to see from brands that they follow on social media.

It's crucial for businesses to develop a strategic approach to social media.

Here at OLLMOO, our social media exists as a content-sharing hub for OLLMOO insights, career tips, industry updates and to share interesting perspectives on work and wellbeing, advancing women and ultimately finding the career that’s the best fit for you. Follow our LinkedIn, Instagram and blog site to stay updated about all things OLLMOO. And if you haven’t already, then join our community of future women leaders at OLLMOO.com today.

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