What is the role of social media in today’s marketplace?

What is the role of social media in today’s marketplace?

Social media has two major roles in today’s marketplace. These roles are advertising and branding. Social media has made it much easier for businesses to reach large markets. Where in the past businesses had to rely on mail, television, and radio ads in order to reach larger, yet still limited markets, today businesses are able to reach significant portions of the world’s population through social media. Platforms such as Facebook, Twitter, and Instagram have allowed businesses to reach large, specifically targeted markets. This then can increase revenue for businesses. Social media has also allowed for better branding. Now, customers are able to leave reviews on social media platforms that can help encourage (or deter) other customers from visiting the business. It also allows for the business itself and customers to brand the business by showing the world what the business is like. It can also show what the values of a business are. Perhaps the business may be attempting to be environmentally friendly. This could possibly be presented through social media by promoting campaigns such as Earth Day campaigns, or by sharing to followers that they have switched to clothe bags instead of plastic. There are many ways in which a business may brand itself by showing its “personality” through social media. But no matter whether it is advertising or branding, social media has helped the market exponentially. And it will be intriguing to see where it takes the market next.

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