The modern media is no longer confined to newspapers, radio and television. Rather, it has evolved to include the digital platforms and the social media. Indeed, people can now get pertinent information just by logging in to their social media accounts such as Facebook and Twitter accounts among others. While the businesses will gain have a lot to gain from the platform in 2016, they will also have to be prepared for the related negative impacts.
- Disseminating information faster
Instead of going to a media station and waiting for days before an advert reaches to the targeted audience, the social media makes it possible for a business person to disseminate information easily and efficiently. If well advertised, vital information about a business can reach to as many people as possible within minutes. The end result is increased sales and profitability.
- Understanding the needs of the clients
The response by potential and existing clients on social media is, more often than not, instant. A client who is not thrilled by a product will not only express their displeasure, but they will also give information as to what should be changed in a product. A wise business person will use such data to make the necessary changes.
- More options
Unlike in the case of traditional advertising, there are different ways of packaging information on the social media platform. Using various techniques, it is possible to combine audio, visual and text to come up with the most appealing advert ever.
- Beating the competition while saving on costs
A business can easily beat their competition by coming up with an aggressive marketing campaign. Using the platform, they can research on the rival’s strategies and devise different ways of advertising and marketing their products. The best thing is that the course is cost-effective.
- Difficulties of containing negative information
Misleading information can easily be spread through the social media. While a business person can track the source of the information and address the problem, it can be difficult to contain it before any damage is done. Specially, by the time a business person takes legal measures on the person or organization spreading such information, their reputation and profitability is likely to be affected negatively.
- Release of confidential information
Accidentally, it is possible for a business to release confidential information about a client or regarding its operations. This will ruin a business competitive advantage.
Many businesses have fallen victims of hacking of their important infraction by other businesses and malicious people. Confidential information can then be disseminated to the public, which may in turn affect a business’ reputation and competitive advantage.
Clearly, the social media platform has both the negative and positive impacts on a business. As such, ensuring that risk assessment and management is done in advance is crucial in dealing with the negative impacts. At the same time, businesses should take advantage of the fact that the platform has a capacity to help a business achieve profitability and sustainability in the long-run.