Web 2.0 has revolutionized the world we live in. In a little over a decade, the World Wide Web has been transformed from a data base of static websites to a hyper-interactive network where users can share and collaborate instantly. This social revolution led to the advent of many social networking websites, blogs, ecommerce portals and what not, impacting not only individuals but also businesses which can now directly interact with their consumer base.
EO New Delhi conducted a poll amongst its members and people connected to them on Social Media Portals. The question was “Which is the most effective Social Media Marketing Tool?” The options were Twitter, Facebook, LinkedIn and Google +. The poll received a total of 118 votes out of which, Facebook received 107.
We can say without much doubt that Facebook is considered to be the most influential social network, if for nothing else, its sheer force of numbers. As of October 2012, Facebook announced that it has 1 billion active users, approximately 552 million average active daily users and approximately 600 million average active monthly users!
According to a McKinsey report, companies that have adopted social media as a part of their communication strategy can experience a 50% rise in customer satisfaction, a 48% increase in business leads as well as a 24% rise in revenue. Marc Benioff, Chief Executive of Salesforce.com was quoted saying “To be transformative, social (media) can’t be an add-on. Social (media) must be a strategy that is integrated into business processes across the organization.” Additionally, despite being so effective, marketing on social media is substantially cheaper than conventional media sources. Social media enables businesses to communicate directly and almost personally with their end users and obtain their immediate feedback while overcoming geographical, linguistic and cultural barriers.