SOCIAL NETWORKING

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Social Networking and Enterprise

Introduction

In today's technological era, amplifying the brand has become the foremost priority of organizations. In order to do so, organizations have shifted their attention to social networking platforms. Through the social networking platforms, organizations not only live on social media but also engage in conversation that often always ends up in transforming potential customers into actual customers. Similarly, the use of social networking platforms has allowed several organizations to build a relationship with its customers. The engagement with customers through social media has ultimately resulted in the potential increase in the revenues along with the customer base. This clearly reflects that social networking platforms have a valuable contribution in the success of brands and organizations over the time period.

With the power to amplify brands, it has become essentially important for organizations to monetise their presence on social networking platforms. This is the foremost purpose of this report. Cases of two organizations have been taken into consideration to reflect the ways through which organizations monetise their presence over social networking platforms. In addition, the approaches taken into account to build a relationship with customers to increase the level of revenues have also been studied within the report.

Main Findings

Investing on social networking platforms have become a necessity for organizations in the 21st century (Business Insider, 2013). Social networking platforms have provided the brands and businesses with an opportunity to engage with the customers regardless of the nature of business. Engagement and relationship building have been regarded as the most essential and critical success factor for organizations in today's competitive business landscape (Harold Schroeder, 2013). This is the prominent reason due to which organizations have adapted the use of social networking platforms over traditional platforms.

The immense importance of social networking platforms has allowed the organizations to transform potential customers into actual customers (i.e. lead generation) along with a significant increase in the level of revenues (Jayson DeMers, 2013). This reflects that social networking platforms have ultimately helped in the growth of organizations.

As suggested by Carolyn, M. Brown (2011), some of the predefined ways through which organizations can monetise their presence on social networking platforms are as follows;

Build Brand Awareness

As suggested by Jamie Turner (2011), the foremost step for an organization is to attract the potential and actual customers in the market to drive traffic to organization's website. This can be done through traditional media or word-of-mouth. This means that consumers must be provided with an ability to interact with the business to increase the likelihood of connecting with customers in a variety of ways. On the other hand, customers can be informed regarding the existence of brand through social networking platforms including Facebook, Youtube, and Twitter etc.

Engaging with the Target Audience

The purpose of using social networking platforms is not just to live on social media, but to communicate and engage with the customers (Jennifer Olney, 2013). For instance, PETCO; a pet store chain, has tremendously attracted customers over the social ...