The paper "The Impact of Social Media on Contemporary Business Communication" is a perfect example of business coursework. Jin et al (2011) define social media as a change on how individuals discover, read and share information and content and elaborates that social media integrates technology and sociology, changing the flow of information from monologue to dialogue. Social media uses technologies such as Facebook, Twitter, YouTube, among other social networks where users interact and connect with each other (Jin et al, 2011). The flow of information in social media involves active communication among users in multiple directions.
Recently, social media has become an important aspect of organizational marketing and platform for base development. According to Baird & Parasnis (2011), about 94% of organizations with marketing department utilize social media as an important element of their advertising and marketing platform. Additionally, most organizations have dedicated social media platforms which they use as an essential constituent of their advertising and marketing strategies in order to increase their market exposure. With a high number of people embracing social media, businesses are integrating social media within their business-level and corporate-level strategies (Jin et al, 2011).
Nonetheless, as Kaplan & Haenlein, (2010) provide, there are various challenges allied to the usage of social media by business organizations. The focus of this essay is on the impact of social media on contemporary business communication. The essay will further explore the opportunities and challenges that social media has created for modern businesses with reference to a sample case study. Worldwide, it is evident that social media has had a big impact on multinational organizations. Companies have embraced the fact that social media is less costly and a convenient means of communication as well as a way of attaining business growth.
This is because organizations are able to communicate and develop brands easily and inexpensively by use of the persuasive and influential nature of social media. A study carried out by Baird & Parasnis (2011) found out that social media accounted for more than 15.8 billion advertisements in 2012. Social media has transformed business communications and global marketing where organizations use social media as a means of communication in order to influence people.
Social media is also perceived as a cheaper means of communication and hence it aids in reducing marketing costs (Nekatibebe, 2012). Generally, social media has brought enormous opportunities, especially in terms of positive impacts on customer relationship management, customer retaining, expanding customer base, market research as well as public relations. Kaplan & Haenlein, (2010) is of the opinion that social media challenges almost all suppositions regarding how businesses should communicate with their stakeholders. The most significant change to comprehend and to accept that social media allows those stakeholders to communicate with each other and the businesses they support (Taubenheim et al, 2008).
Previously, communications were limited to groups on a small number of people when compared to social media which allows communication with a very large number of people (Schein et al, 2012). This indicates that with social media businesses are able to converse and communicate with their customers on a broader number of issues as well as to exchange the first-hand experience. In addition, with social media, the power of persuasion certainly moves from opinion leaders to peer influencers.
Opinion leaders are perceived as influencers that utilize their professional and social status in brand endorsement (Baird & Parasnis, 2011).
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