One of those captivating lines from Wolf of Wall Street is, âSell me this pen.â
If you were transported back two thousand years to ancient Greece, they would have a thing or two to teach you about business, though. The Greek concept of âlogosâ, âpathosâ and âethosâ corresponds roughly to the concept of persuasive logic, emotional appeal and moral character (credibility).
Social Media Is the Present and Future of Digital Business
These concepts from are still powerful aspects of the business world, which builds itself on these basic foundations. For a successful business, you need to have integrity, reliability and a good reputation. The company as well as the product has to have an aesthetic as well as emotional appeal to it. And you have to be able to persuade your audience that they need THAT pen.
There was a time when you gained a following with the help of word of mouth or advertisements. Of course, that was also the time when we had telephone-line internet -dance a little, fix yourself a sandwich, drink some water, or sing a song while waiting for your modem to start.
In our present age of high speed wireless internet and digital media, the entire structure of commerce has changed radically. With the deep integration of social media in the lives of ordinary people, it is the broadest and freest mediums of communication with an instantly available and extraordinarily wide audience.
Power to Share
Take the example of restaurants on Zomato. Once just a website offering listings, Zomato has now cultivated a community of food critics offering free reviews. Its integration within Facebook means that every user who posts a review on Zomato has the option of sharing it with a broader audience - family, friends and strangers alike.
With the rise of the social medium, another rapidly growing industry is the home-based one. From confectioners to producers of DIY articles, social media is the easiest platform for these homespun industrialists. Take the example of a Facebook product page that goes around by the name of Papercup. Papercup has its own website, but mostly operates from within Facebook.
An increasing number of businesses that have been in existence for a while now are also realizing the potential of the social media. For the introduction of its latest line of pizzas, Pizza Hut introduced a âpizza partyâ. The entire marketing project generated a lot of steam on Facebook, with word of mouth passing from user to user in the form of âSharesâ.
The Statistical Story
These statistics should give you a fair idea of the power of todayâs social media. About 85% internet users have Facebook accounts, and 49% are on Twitter. 84% of online shoppers also use social networking sites that offer seamless access to the online marketplaces. 60% of online consumers follow or give feedback to brands on social media sites - which help in growth of brand image as well as product quality. Purchase too is affected by the social media. 81% customers are influenced by friendsâ posts, 78% purchased items based on the companyâs social media page, and social media referrals increased chances of buying by 73%.
Most people today live out their lives on social media, from Instagram to Twitter, Pinterest to Facebook. Itâs the easiest way to let your opinion be known to the world: and that can either be an Achillesâ heel or Aladdinâs magic lamp for businesses. That said - controlling your business with the help of social media has never been easier.
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