Hi Mr. Lutke, how will social media shape the business world in the future?
Great question Jimmy! Well let me think...
Well as you know, over the past decade, the business world has been positively impacted due to social media. With so, I believe that in the future we can expect to see the same thing, with maybe an even better impact than what we currently have.
Cool! So what would exactly be impacted and reshaped?
Firstly, social media drives down advertising costs. Advertising a business on social media costs from as little from nothing to a few cents. This is great for businesses as in the past they had had to spend thousands of dollars to run an ad on TV.
Secondly, social media allows for businesses to use consumer psychology. In the future, businesses will be able to use this more effectively. This is done through the collection of users’ data to see what they’re interested in. With that data, businesses are able to target audiences that are interested in the products they sell. This should ultimately increase businesses sales.
Thirdly, businesses will be more improved and accommodating in the future. This is because social media will allow customers to express their concerns to businesses easier and faster. For example, a customer could tweet to a business about aisle 10 was not stocked. This would allow for the business to receive this information quickly and it will ensure that they do not run into the same issue in the future. This is more effective in comparison to the past when complaints and concerns were often mailed in to the business.
And lastly, social media will allow businesses to save even more money through free marketing. This is because social media is all about sharing, where people end up becoming your marketing agents. For example, when someone makes a purchase online, they usually end up telling others where they bought the product from. This is ultimately free marketing, allowing businesses to save money.