Informatics and Financial Applications
Semester 2, 2018
Prabhat Kiran Nepal
Table of Contents
Social Media and business: 5
Data and Business: 6
Table of Figures
In this 21st century, social media and data plays a vital role in decision support system and in shaping the business. Social media, data and business are interrelated to each other. The user data are analyzed by the business organization for making a customer centered decision and for forecasting the future market. Nowadays most of the companies focuses their business activities in the Social media.
This report demonstrate the relationship and importance of social media and data in the business. The report also talks on how social media might be used in modern business and the opportunities that data might bring to the industry. The report has chosen the Woolworths as a reference. The reports contents the graphs and figures to show the user of social media of the Woolworths. In this competitive era social media can be the best option to reach the customer with products and services.
Social Media and business:
To question the power of social media in society is to question the importance of sunlight on earth. It’s no longer a want, but a need. Its significance to society cannot be ignored especially in the marketing world. The reach and influence of social media is a treasure in the business and trade industries, where the need to engage and persuade the market is of the top priority (Shaw, May 11, 2018). The statistics that “An angry customer will tell up to 20 other people about a bad experience ……” that’s face to face. With the use of social media like blogs, twitter, and Facebook, those 20 people can quickly become 20,000 or even 2,00,000 (Safko, 2012). If we borrow the words from Safko we can say that anything on social media travels or reaches the customer faster than the print and broadcasting media.
The social media user is increasing day by day and is expected to increase in the coming year (see). There are numerous followers of Woolworths on social media (see). Woolworths can reach to the targeted customer easily. The social media can be used in different ways. Consumers will be more receptive to messages when marketing through social media. Marketing through social media can help increase brand recognition. Different social media can be used to increase the inbound traffic. The social media can be used to reach the specific audiences. Social media might be used to target and retarget ideal consumers. Business might prefer marketing through Social media as it is cost effectiveness. Modern business might use the social media to gain new customer insights (Smith, 2018). In the same way Woolworths might use Social media to increase brand recognition, inbound traffic and to bring cost effectiveness in the business. Woolworths might use social media to reach the targeted customers and cover all the geographic area.
Figure: Number of Social Media users worldwide with projections until 2021 data
Data and Business:
With the advent and popularity of free internet access, social media has become part of nearly everyone’s daily routine. We are all connected, all the time. All the status updates, pictures and videos posted by the people on their social media contains information about their demographics their likes and dislikes etc. This information, i.e. user data, can be analyzed and its applications are numerous (Rowena, 2018). Social media contains the user information such as age, gender, geographic locations, taste and preferences, and their shopping habits etc. These data are very important in targeting the customer and designing the products. For example, Social media can be analyzed to reveal the proportion of social media users that enjoy a particular flavor of ice cream at a particular ice cream parlour at any given time of the day. The ice cream parlour can then identify which of his ice creams are best sellers, and which times of the day (Rowena, 2018). Data can bring lots of opportunities in the business. Woolworths can have many opportunities from the data in shaping the business. Woolworths cannot reach to the house of individual informing about the products and services and asking their taste and preferences, age etc. Woolworths have many followers on Social media like Facebook, YouTube, Instagram, Twitter and LinkedIn etc. These social media contains all the personal information which helps Woolworths to analyze the data and act accordingly. Customer share their feelings and experience of a product on Social media. The opportunities that data bring cannot be ignored. Data will enable companies to collect better market and customer intelligence. It will improve internal efficiency and operations. Data will allow companies to improve the customer experience and build big data into their product offering (Marr, 2015, Sep 8). These type of data saves the cost and time of the organization. Data plays a significant role in the research and development. So, these are the opportunities that data might bring in the business.
Source: (Anon., 2018)
Figure: Social media followers of Woolworths
The above figure shows the Woolworths follower in the Social media. Most of the people are engaged in any one of the social media. So the Woolworths should make its presence in all of the Social media to reach the maximum customer.