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Facebook, Linked-In, MySpace, Hi5, Twitter, what do all these sites have in common? You guessed it! All these social media sites are to make new friends, socialize with people, and find where the parties are bumping. However, aside from that, many people are using these sites for much great purposes. In many cases, people are making millions of dollars. We all might wonder who is getting rich and how are they becoming rich.

From the business perspective, companies are using social media sites to prosper in their own sector of business and rake in the big bucks. Competitive and prosperous companies have now started (a) marketing and advertising online, and (b) analyzing consumer demographics, making social media imperative for a successful business.

We have all received newspapers and have seen the advertisements of various products and services displayed on each page. Only after a few glances, we fold the paper and toss it to the side or recycle it. At times, we don’t realize the vast amounts of money that companies are investing to target consumers but marketing directors carry this worry every day.

That is why many directors have shifted their marketing to the revolutionizing world of social media. First, it becomes more effective because of the amount of time people spend on social media sites. Second, advertising becomes cheaper, due to the fact that there is no printing or advertising cost. These two factor have shifted the mainstream advertising strategies from paper and billboards to blogs and social media.

Another reason why social media is being used by companies is to analyze consumer demographics. Now that marketing and advertising has moved on to the internet, companies are more effective in knowing the demographics of their consumers. Furthermore, by creating groups to join (on social media), they can analyze who exactly is interested in their products and how to target potential consumers. Moreover, every click of the mouse is recorded and time sensitive data is gathered into statistics, which reveal information otherwise not known. Business is all about knowing who are the consumers and how to target them.

Businesses nowadays are looking for anyway to gain an edge on their competitors; therefore, many companies are looking to social media for an advantage. It’s all about being more effective in targeting consumers and efficient with resources, especially money. Listed above are only two factors that reveal the role social media plays in the business world. Think about the many other factors that are just as significant as the two mentioned. You will soon come to the conclusion that not only is social media in the business world significant but imperative to a company’s success.

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