INTRODUCTION:
I. Social media has revolutionized the way business is conducted.
- Companies who do not take advantage of social media platforms are put at a disadvantage.
- Social media gives companies access to a wider consumer base for a cheaper price
BODY:
I. Social media gives companies an opportunity to connect with a wider audience.
A. Social media platforms such as Facebook, Twitter, Instagram and YouTube have a considerable amount of users.
1. Facebook has 1.23 billion users, Twitter has 243 million monthly active users, Instagram has 150 million users and YouTube has 1 billion users with 4 billion views per day (Smith, 2014)
2. Americans spend an average of 37 minutes a day on social media (Adler, 2014)
1. 1 in every 5 people in the world own a smartphone (Heggestuen, 2013)
2. 60% or so of social media time is spent on smartphones and tablets (Adler, 2014)
II. Social media is cost-efficient
A. Traditional advertising mediums are expensive
1. You can buy the same audience you reach at the Super Bowl for 25% of that amount online. Start up billboard costs roughly $50,000 (Coleman, 2013)
B. Social media has a longer run time
1. Traditional ads only run for a certain amount of time, but campaigns conducted on social media sites (especially Facebook) can run for as long as it is effective.
III. There is a shift in demand that zeros in on Internet-savvy individuals
A. Boom in the tech industry
1. High demand for Computer Science and Information Technology graduates
B. Bloggers, YouTube stars and Instagram celebrities are making money on sponsorships
1. An example is a blog called “Pinch of Yum” which gives a detailed breakdown of how they make income through site traffic: http://pinchofyum.com/category/making-money-from-a-food-blog
CONCLUSION
- The world has changed and continues to change because of the social media revolution, to ignore these changes would be detrimental to any business.
References
Adler, E. (2014). Social Media Engagement: The Surprising Facts About How Much Time People Spend on the Major Social Networks. [online]. Available at: http://www.businessinsider.com/social-media-engagement-statistics-2013-12 (visited on 14th March 2014).
Coleman, B. (2013). Internet Marketing Statistics You Can’t Ignore [Infographic]. [online] Available at: http://viralmarketingmonsters.sharedby.co/share/8vbMff (visited on 14th March 2014).
Heggestuen, J. (2013). One In Every 5 People In The World Own A Smartphone, One In Every 17 Own A Tablet. [online] Available at: http://www.businessinsider.com/smartphone-and-tablet-penetration-2013-10 (visited on 14th March 2014).
Smith, C. (2014). How Many People Use 415 of the Top Social Media, Apps & Tools? [online] Available at: http://expandedramblings.com/index.php/resource-how-many-people-use-the-top-social-media/4/#.UyP6hueSwxI (visited on 14th March 2014).
