Is social networking a viable business? How can businesses tap into social networking? Is there a viable revenue model?
Is social networking a viable business?
I believe that social networking is a viable business partner for all sized business. This is a creative way to keep in touch with your customers and attract more customers. Twitter and Facebook have developed advertisement programs that are utilized by business to reach out to their targeted customers. These advertisement campaigns can be customized to reach out to specific regions and people with specific interests.
Business can tap into social networking by keeping up with their competitors. This can be done by regularly updating statuses on social media accounts and offering recent information about organizational activities that are of interest to your customers. YouTube videos is another way of making interactive videos and inspiring your customers. Facebook, Twitter and Google+ platforms can be used to reach out to millions of people with different marketing strategies.
Social networking is a multi-billion business in the present day. But there still needs to be a viable revenue generating business model for social networking businesses (Romm Livermore, 2008).