Impacts of Social Media on Business Value and Performance

Proceedings of the tenth International Conference on Entrepreneurship and Business Management 2021 (ICEBM 2021), 2022

Today, internet technology and social media has become a common practice for businessmen. Social media usage has now become a trend and is the most popular digital platform due to its low cost and minimum technical requirements. Social media is not only used by companies as a marketing medium, but also used to access information about market, competitors, and their customers as a tool to enhance business performance and innovation. Furthermore, social media is a mean of external communication in customer relations. The purpose of this study is to identify the factors that encourage business owners to adopt social media in their business in addition to knowing what benefits are expected to be obtained when using it. Furthermore, this study explores the benefits and perceived risks of using social media in business. The results of this study prove that social media is very beneficial for business owners in promoting products, reducing marketing costs, improving relationships with consumers, expanding market share, and gaining access to information for product development purpose.

2016

Social Media is a new phenomenon that impacts businesses, society and individuals. Social media has swept into the business world, disrupting businesses, bringing new opportunities and challenges. The use of social media in organizations has the potential to shape the "future of the work". Both consultancy reports and scholarly articles highlight and discuss the new opportunities and organizational benefits provided by social media to change the current top-down (i.e. initiated by management) business model to a more collaborative and bottom-up (i.e. initiated by employees) approach. Such a model is customizable to specific user needs, empowering employees to design specific workflows thus helping them to work more effectively. Using social media, personal knowledge can be synergized into collective knowledge through social collaborative processes that may facilitate externalization of knowledge, fostering creativity and innovation. All these processes have the potential to lead to knowledge creation through interaction and collaborative processes and thereby increase companies' competitiveness. However the successful deployment of social media for internal communication and facilitation of knowledge sharing and collaboration in organizations is difficult. Based on quantitative as well as qualitative data from 13 Danish organizations, we investigate the following research question: What is the business value of social media in organizations as perceived by the employees? Based on the data analysis, the paper derives a model of factors associated with the perceived business value of social media.

African Journal of Business Management, 2020

Information communication technology has plenty of benefits to society. Social media being the product of information technology have become an essential tool for marketers at a very minimum investment. Social media have a positive impact on companies as well as customers. In today's circumstances, customers judge companies based on their online presence, hence they can innovate and simultaneously create a strong social presence by always catering to their customers' needs and concerns. Social media are used in day to day activities of several companies, including beginners of micro and small enterprises, medium and large sized business organizations. The purpose of this research is to explore and to analyze to what extent social media have an impact on organizational capabilities and business performance using the review of related literature as a method of this research. It was found out from the review of literature that social media increase the capabilities and performances of a business to a large extent.

Dr.D.Madan Mohan

Social media is the new buzz area in marketing that has businesses, organizations and brands jumping to create news; make friends, connections and followers; and build communities in the virtual space. The purpose of this research was to understand the impact of social media on how Indian companies were adapting their marketing strategies to incorporate social media. A qualitative research study was conducted using structured interviews with 25 social media experts. Social media can be used for internal communications as well as a method of engaging with both existing and potential new customers. It states that the real business revolution occurs in the arrival of several social media sites, such as LinkedIn, Face book, and Twitter. It also discusses the use of social media websites in businesses. Social media is a genuine game changer for business. Companies that invested early to harness the power of social media claim higher returns, with even greater gains predicted to be on the way.

American Journal of Industrial and Business Management

Social media plays a significant role in business performance and creates twoway communication between customers and businesses. This review presents a comprehensive and systematic review of social media usage and business performance. The review used Preferred Reporting Items for Systematic Reviews and Meta-Analyses and the forward chaining strategy in the document search and sourced data through Scopus, Web of Science, Google Scholar and Semantic Scholar. A total of 70 articles published between 2003 and 2021 were reviewed. The review provides evidence that firms with social media marketing strategies enjoy better customer relationships, improved customer satisfaction and enhanced business performance. Furthermore, the conclusion discusses the key findings from existing research on social media and the direction for future research on the field. The findings can be useful to both researchers and practitioners in social media marketing.

A company can experience various benefits and effects on business performance from advertising on a social networking site, including an increase in its number of fans and advertisement views and/or an increase in sales and return on investment (ROI). While some companies find Facebook an effective platform for social networking advertisements, others deem it ineffective. These mixed results of the impact of social networking services on business performance, in addition to the fact that many companies are expected to be influenced by social media in this social economy due to its growth and popularity among consumers, have motivated this research in progress. This study aims to address and understand the reasons for such differing results on business performance and identify the factors affecting the outcomes of organizations' social media projects. A multiple case study is adopted to meet these aims. First, a thorough review of literature and content analysis of several prior and publicly available case studies on firms that were either successful or unsuccessful with social media advertising are conducted. These steps are done to identify the underlying factors that contribute to the impact of social media on business performance. Next, the multiple case study method is adopted to identify and explain the behaviors of the contextual factors that cause differing impacts of social media on business performance. To understand the varying effects of social media on business performance, institutional theory, transaction costs theory and symbolic interactionism are applied in this study. The expected outcomes from this study include: (1) proposing a conceptual model of factors affecting the performance of businesses utilizing social media, and (2) producing a better understanding of the issues and factors impacting the performance of businesses utilizing social media.

Economic Research-Ekonomska Istraživanja, 2018

Organisations are investing heavily in various social media applications. Several case studies show that such undertakings may be promising at first glance, but often amount to little. More attention has to be paid to the factors that influence the business value of a social media application. The paper proposes a framework which argues that the business value of a social media activity depends on having a correctly identified purpose of its implementation (scope and targeted benefits), on the technological solution and also on user involvement (user groups, users’ motivation and skills). The framework is evaluated with a longitudinal case study of a wiki in a software development company where an assessment of the business value of the wiki at two different points in time was made. The case study shows how the interplay of components led to failure at one time point and success at the other.

Proceedings of the International Conferences on Information System and Technology, 2019

Social media is a platform to share information that is used by most people today. Business organization must use social media strategies to gain benefit from it. Knowledge of the features and impact of social media usage are needed. This systematic literature review aims to identify social media features that affect business performance. The literature is obtained through searching in two relevant database. The papers are evaluated by reading in its entirety and evaluating its quality. Features on social media can affect business performance. The impact of using social media on business organizations includes Word of Mouth, good communication with customers, consideration and influence on social media. Business organizations must take advantage of two-way communication to respond and communicate with consumers to find out how certain brands are perceived in order to obtain full benefits. Social media can also improve business performance by increasing sales, fostering partnerships

1994

Anomenen folklorisme l'ús conscient de determinats elements culturals portadors d'una certa tradició fora del context (espai, temps, funció) que els és propi. El concepte folklorisme enclou, dones, una consciencia de tradició, per una banda, i, per l'altra, una intencionalitat quant a l'ús que es vol donar a aquesta tradició. Un tablao flamenco a la Rambla barcelonina, una dansa bretona hallada en un acte de reivindicació política, un recital de música tradicional, són bons exemples del fenomen del folklorisme. En tots aquests casos ens trobem amb el que hom ha etiquetat de manera forc;a descriptiva com «cultura popular de segona ma». 1 Molt sovint es tracta de «productes» musicals que, tot i que procedents d'una determinada tradició de transmissió oral, han sofert una certa transformació per emmotllar-se als gustos i a les necessitats d'un públic de sensibilitat predominantment urbana. Fou Hans Moser 2 qui de fet introduí el terme folklorisme-amb el sentit que aquí lí donem nosaltres-dins l' Antropología europea, al mateíx temps que encetava una fructífera discussió sobre aquesta problematica que calaría d'una manera ben forta a l'Europa centraJ.3 Tot i que la música és un dels ambits on el folklorisme es manifesta més clara