Novel Social Media Competitive Analytics †MyAssignmenthelp.com

Question: Discuss about the Novel Social Media Competitive Analytics. Answer: Introduction Social media has become integral part of the business. Another thing which is crucial about business is that when it comes to social networking in the organization, there cannot be one rule which can fit all the organizations. The advantages of the social media in business changes based on the characteristics and the company itself. Social media sites permit the company to properly improve the process of communication and elevated level of productivity by completely disseminating the data among separate set of groups of workforces in a more effective way (Leonardi et al., 2013). It is further meant to be all inclusive and the discussion in the report will help in outlining some of the advantages as well as disadvantages of social media use at the organization. The main objective of the report is to understand and evaluate the complete literature behind the advantages as well as disadvantages of using social media for the business and cover subjects like public relation, marketing and online business. The fact is that any kind of innovation comes with certain pros and cons (Okazaki and Taylor, 2013). The main goal in this report is to properly evaluate the impact of social media on the business activities and how advantages can be utilised in the company. The report will discuss in detail about the evaluation of detailed discussion based on advantages and disadvantages of using social networking sites on number of many business operations like public relations, marketing, sales and services, customer support and surveys etc. The main discussion is based on commonly used social media platforms like twitter, Facebook, Instagram and all these platforms are attached with daily or routine work in a strong manner that it become impossible to separate it (Eriksson and Kovalainen, 2015). The report will also discuss in detail about many facilities provided by many popular social media platforms along with many popular methods of using the platform for marketing as well as public relation. In addition to the advantages and disadvantages, social media for business operation there will also be discussion of various risks associated with it. A platform like Facebook is constantly cited as the main step for establishing the business and to also notify it social media presence. A platform like Facebook comes with a lot of work and network combined with its overall flexibility and simple in use process which makes it an ideal fit for many businesses. Then there is also a platform like Google+ that has gained a lot of traction in the social networking sites and further provides some very distinct advantages. In fact, businesses when get associated with Google+ usually enjoys more and more favourable ranking in the search associated with Google since the work can integrate the network in the complete process of product and the platforms where small size can create a more intimate and customized conversation with the consumers (Bryman, 2015). Another useful platform is Twitter which can be used by companies with steady amount of flow of various kind of news flash related to businesses. For business with constant stream of imag e and short video level of content like Instagram which is now owned by Facebook helps a visual kind of storytelling and boasting a large audience of consumers. Outside the boundaries of social media there are other platforms as well that can provide marketing options for the right kind of businesses. Then there is Pinterest that is also growing in steady manner and mostly among the female consumers primarily because of its visual and scrapbook based content. Platform like LinkedIn is also very popular among many freelance employees as a main tool of networking to find customers (Trainor et al., 2014). The concept of social media marketing is an ideal method for businesses that can broaden the overall based for exposure to the public at a lower cost than any kind of traditional marketing. Setting the overall presence on highly used platforms like Facebook, Twitter and many other can help in targeting the new kind of customers and ensuring that the brand can become highly visible. In addition, it is a two-way communication process by social networking that can improve customer services and further helps the businesses to gain new set of information about the consumers and customize the communication process based on the overall knowledge gained here (Nielsen and Schrder, 2014). Following are some of the main advantages of social media usage in business: - Compelling and important content will help in grabbing more attention of prospective consumers and increase more and more brand visibility. One can also respond quickly to any kind of development in industry and further become heard in the field of the business. The process can be very cheap than any kind of traditional marketing like advertising and promotion based operations. Social media content can further indirectly boost the links to website based content by appearing in any kind of universal search outcomes and further improving the search traffic and online sales. One can also deliver an improved kind of customer services and further respond in effective manner to provide relevant feedback (Laroche et al., 2013). Consumers can also find through separate set of new channels by developing more amount of leads for the same. There must be increased level of loyalty as well as advocacy from the consumers point of view that relates to the consumers. Social networking can be a very strong tool and it is slowly becoming less risky. So many fans and followers are now free to share their feedback on such platforms and further exposing the business to the mainly related to the negative kind of publicity. A rapid answer can help in reducing the overall damage from such comments but it cannot eliminate the criticism from the Facebook page of the business. Then there are hackers which also pose as a main threat for the business on social media and these are some of the attackers that can take over the companys page or feed as well as share false data that can rapidly go viral. Every large as well as respected business platform has fallen as a main victim of various hackers along with small businesses that requires to take number of security option while developing or setting the password and further sharing the information related to password with the workforce (Zeng and Gerritsen, 2014). Following are some disadvantages of social media in business: - Company will have to the sources while managing the social media presences by responding to feedback and producing new kind of content. It can further be very challenging to quantify the overall return on investment also called as ROI and the value of one kind of channel over another. There are many ineffective usages for instance, using the network to push for sales without proper engagement with the consumers to respond to negative feedback can damage the reputation of the company. Any business can very easily establish a strong presence on number of social media channels but there is none such platform that will help the company to gain more customers without proper investment of efforts and time. A Facebook page when unattended can leave a lot of negative impression on many possible consumers and further cause the business to lose followers (He et al., 2015). Businesses these days must also consider the resources just before the development of social media marketing based strategy to make sure that they can help in gaining the attention and constant communication required to embrace the social network in an effective manner. Research Questions/Hypothesis There are two kinds of research done to figure out whether the impact of social media is fruitful for the business or not. This part will discuss the qualitative research which primarily look in depth at many non-numeric information. The report will focus on quality in this case and the motive is find out information which is deep and have quality based look at various elements (He et al., 2015). Then there are number of archival kind of records that will be treated qualitative here. For instance, the research will access to many kinds of documents including transcripts of the previous cases where the social media has effectively helped or adversely impacts the organization performance. This kind of method mainly focus on the goal which are measurable and can also be statistical, mathematical or in other words numerical based analysis of data collection with the help of polls, surveys and questionnaires or by also manipulating the statistical data which is already existing by using many kind of computation methods. The quantitative research also aims on collecting numerical based data and generalizing it among different group of people or further explaining the specific element (He et al., 2015). Here in this report, the main goal is conducting quantitative research based study is to decide the association between one single thing and another one within the boundaries of population. The design of quantitative research can either be descriptive by nature or it can also be experimental. A descriptive kind of study settles only based on association existing between elements which is an experimental based study setting many kinds of causality. Research Limitations Following are the detailed discussion of limitation of the research: - The research primarily lacks generalizability. It is also based on finding the right action for the research which is typically the only important to the specific group being evaluated and the participants and its own unique kind of features. It further can also yield distinct set of outcomes in other groups, context or language. As far as evaluating the technology is concerned it is important that the researcher must make sure that the software become the part of computer system (Graber and Dunaway, 2017). Conclusion In last so many years, the presence of social media has developed from being a simple digital based channel for socializing purpose with other kind of media which is covered into one of the strongest digital marketing techniques for the businesses as well as brands. It has further proved it as a very costly and effective method for the promotion as well as advertising in a new, subtle and a more personal method that businesses can double the social media marketing and associated budgets in the next five years (Graber and Dunaway, 2017). There are number of businesses that are jumping into social media promotion and many of which are not properly based on planning process or assessment of the effective and the overall of impact of social media marketing for the companies as well as brands. There are two types or sides of social media marketing. One is based on profitable level of success specifically when the social media marketing is done in right manner and used in effectively. On t he other side, it may also prove highly detrimental when the brand brings solutions that can be completely opposite from what people expect from it. Reference Bryman, A., 2015.Social research methods. Oxford university press. 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