Social Media Impact

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The Impacts of Social Media on Businesses Student’s Name Course Professor’s Name Date The Impacts of Social Media on Businesses Introduction This presentation aims to discuss the impacts of social media on businesses. The advancement of technology and the wide use of social media platforms have given businesses a new dimension of relating to their customers and promoting their goods and services. Social media use has increased tremendously across the world and businesses have taken the advantage to use the social media to promote their products and keep in touch with the customers. There are various advantages of social media to both individual people and businesses. However, the use of social media has been found to have its shortcomings. Impacts of Social Media Customer Relationship Management Social media has enabled businesses to strengthen their relationship with the customers (Evans, 2012). Businesses can have real time online connection with both their existing customers and potential customers where a company can convey information regarding its products. A strong engagement between the businesses and the customers through social media results to greater impact on sales, product improvement, customers’ satisfaction, and brand reputation. Customer Retention Businesses and customers can always keep in touch through social media which result to customer retention (Kaplan & Haenlein, 2010). For example, majority of customers who become followers of

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