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Importance of Social Media in Business - Marks & Spencer

University: UK College of Business and Computing

  • Unit No: 17
  • Level: Undergraduate/College
  • Pages: 16
  • Words: 4000
  • Paper Type: Assignment
  • Course Code:

    L/508/3737

  • Country: UK
  • Downloads: 55
Question :

Digital technology have changed pattern of business activities. This investigation attempts to identify the major Challenges and opportunities relating to digital technology for Marks & Spencer.

  • Providing an introduction to area of investigation for Marks & Spencer.
  • Conduct literature review presenting the importance of previous related research.
  • Describing the methodology which will be considered for research investigation.
  • Illustrating the timeline of research activities.
Answer :
Organization Selected : Marks and Spencer

INTRODUCTION

In year 2017, social media is growing at fast speed. As more and more individuals are joining social media sites and are using the same on regular basis the industry of social media is become bigger in coming years. It is very important for every business enterprise to take benefit of this as this ensure long survival of business organisation. Today every firm require to take proper use of media channels in best manner (Garrigos-Simon, Lapiedra Alcami and Barbera Ribera, 2012). Today every individual use social media sites and they want their favourite brand to connect with them on various level at different platforms. With help of social media touch, entity can not only interact with its target audiences but at the same time can grasp the opportunity to serve large number of people. One of the main benefits of social media is that it make the online marketing of entity more easy and effective. A survey is revealed the fact that more than 70% individuals like to recommend their brand to other if they have a positive experience with that on social media. Further importance of social media in business can be better understand by examine its various advantages:

Lower ad costs: If one will compare the traditional methods of advertising such as TV and radio advertising, print media then he will analyse that social ads are much cheaper. Business is free to grow on its own and at its own pace.

Targeted reach: One of the main benefit of social media ads is that it provide an opportunity to reach out targeted audience which was not possible with help of traditional advertising (Wang, Yu and Wei, 2012). Social media advertising provide an opportunity to make large number of customers aware about company's product this increase the sale of firm and offer a high return on investment.

Real time performance analysis: It is very important for firm to identify that their ads are working properly or not in order to improve it. Social media allow to monitor how well the ad is performing. This help in do necessary improvements in the ad in order to achieve desired outcomes.

Boost brand awareness: Tools of social media is known as a effective one when entities wants to increase the awareness of their brand. Overall social media largely affect the brand awareness. For this, it is very important for M&S to find out the audience.

Increase inbound traffic: Inbound marketing is known as one of the most popular way to generate traffic to firm's website. If organisation ignore the significance of social media then that may remain limited to inner circle of customers. By increase its efforts on social media, M&S can develop a new channels to increase inbound traffic. With an active blog M&S can interact with its target audience (Aral, Dellarocas and Godes, 2013). All this provide an opportunity to entity to serve number of customers. With help of social media entity can diversify its marketing efforts and can increase the number of its profits.

Reach more people with help of social media search: Today, individuals are not limited to Google search now they use various web search engines. Large amount of data is created and shared on social media sites which can be easily discovered by users.

Increase conversion rates: One of the main benefit of social media is that it is better channel for capture targeted audience of business. It help in make large number of customers aware about the various products and services offer by entity to satisfy the needs of its consumers.

Satisfy your customers: With help of social media entity can connect with its customers, this help in identify the major problems and issues face by them.

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