Discuss the impact social networks have had on how businesses operate, communicate, and serve their customers
What will be an ideal response?
Social networks have had a profound impact on how businesses operate, communicate, and serve their customers. The most visible business firm use of social networks is as a marketing and branding tool. The most popular social network tool for large corporate businesses is LinkedIn, with 97% of the Fortune 500 having a LinkedIn company page. Twitter is the second most popular, with 83% having corporate Twitter accounts, including 7 of the top 10 companies. About 80% have a Facebook page. Pinterest has the fastest growth rate among the Fortune 500, increasing from 9% in 2013 to 36% in 2014. A less visible marketing use of networks is as a powerful listening tool that has strengthened the role of customers and customer feedback systems inside a business. The software drink industry is a good example. Coca-Cola has built a fan base of 88 million on Facebook. Pepsi has 33 million Likes, Dr. Pepper 16 million, and Mountain Dew about 8.8 million. Social networks are where corporate brands and reputations are formed, and firms today take very seriously the topic of "online reputation," as evidenced by social network posts, commentary, chat sessions, and "Likes." In this sense, social network sites have become an extension of corporate customer relationship management systems and extend existing market research programs. Beyond branding, social network sites are being used increasingly as advertising platforms to contact a somewhat younger audience than Web sites and e-mail, and as customers increasingly shift their eyeballs to social networks. Rosetta Stone, for instance, uses its Facebook page to display videos of its learning technology, encourage discussions and reviews, and post changes in its learning tools.
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