Using Social Media In Business: Opportunities And Risks – Essay Example
The paper "Using Social Media In Business: Opportunities And Risks" is an excellent example of a business essay.
Social media is the most revolutionary technology across the globe and the best way to promote a business in the modern world. This means that it has numerous impacts on various aspects in the business including customer support and product development. The major risk associated with the use of social media is that it is evolving so fast that the strategy to be adopted is indistinct. Additionally, the fast growth of the medium calls for the need of a measurable and actionable call to action where execution is the most important aspect of the strategy (Raman). There are basic steps that businesses can follow to come up with a social media strategy. These include: ask the question, customers’ information, how social media can support goals, how to engage it in different areas and continually maximize the business engagement in social media.
The business should be aware of the fact that social media allows customers to post negative comments about the products and this can negatively impact consumer behavior. Hackers could get confidential information about the products. The business’ reputation may be at risk from negative comments (Raman). The entrepreneur’s reaction to these risks determines whether the use of social media will be beneficial or not. Companies are advised to establish a social media listening program that responds to the information received on social media. It is important for entrepreneurs to realize that they can use social media to their advantage by laying down clear policies and acquainting themselves with the risks associated with its use.