What is Six Sigma ? – A Tool to Conquer Variability
Definition of Six Sigma Six Sigma is not a mere methodology or a quality tool. It is a philosophy i.e. a systematic way of thinking to solve quality problems. Six sigma involves use of statistics to convert raw data into facts about how the processes of the organization are being run. The thrust is on […]
Simple Agreement for Future Equity (SAFE)
In the previous articles, we have discussed the concept of convertible notes. We have also seen the various pros and cons of convertible notes. However, convertible notes are not the only hybrid security that can be used by startups if they want to raise funds. A Silicon Valley-based startup accelerator named “Y Combinator” has created […]
What are Soft Forks?
In the previous article, we have already read about cryptocurrency forks. We now know that a cryptocurrency system is basically software. Just like the software on our phones and laptops cannot stay static, the software responsible for cryptocurrencies cannot stay static either. It needs to be changed from time to time. The changes are done […]
Opportunity Cost of Capital – Alternate Uses of Money
Opportunity cost of a capital is a term unique to economics and finance. It is unique in the sense that you will not find mention of opportunity cost of capital in the accounting books. It is not an explicit cost which is paid out of the pocket. Hence, there is no mention of this cost […]
Democracy or Dictatorship? Which is Better for Economic Growth of Nations
Dictatorship or Democracy? The Debate Continues over Which System Promotes Growth If we look at the history of economic development of nations over the last hundred years or so, we find that different nations have taken different trajectories in their pursuit of economic growth. While countries such as China opened up their economies and at […]
We Humans are essentially social animals. Communication and interaction is vital for the Human society. People love to socialize and interact with one another. Internet technology has changed the way the people communicate. Gone are the days when one had to write a letter or book a telephone call to speak to a friend or relative living across the country. Today technology enables one to be in touch with friends and family across the globe instantaneously.
Look at any individual’s lifestyle today. Most often you will find people spending over two to three hours every evening on the internet chatting with friends and communicating with likeminded people. People of all ages tend to find social networking sites that deal with the subject of their interest and follow the conversations happening there. Internet being a global phenomenon, you will find people from all over the world coming together to talk and share information about their particular topic of interest. It had never been easier that this to make friends and socializing over the internet.
When we talk of social networking we are not just referring to the chatting and other blogs and forums where people discuss certain topics. We seem to be using the social media for sharing videos, movies, music, photos and all of the information that one would want to share. Millions of viewers log into You Tube to view the latest movies, clippings etc. every minute. Similarly millions are logging into Facebook searching for friends online and sharing information about self with friends all the time. Flickr happens to be the most favorite site for photo sharing.
When you want to know the definition or meaning of a particular word or a topic, what do you do?. It is quite likely that you will check out the Wikipedia or Encyclopedia sites online. If you follow the history of Wikipedia, it best describes the growth and power of social media. Wikipedia is a site that allows anyone and everyone to contribute topics, explanations and definitions at its site. The information so provided can be reviewed by those interested and anybody can comment or provide corrections as well as further explanations. Thus the topics are built, reviewed, changed and reformed through the collective effort of people who are interested in the particular topic. This is perhaps the best example of social media network where people come together to discuss, deliberate, communicate and create content that is useful to one and all.
When you look at the social media marketing websites from the eyes of the marketing companies, one gets to see a huge potential waiting to be explored. Social media networks represent markets and customers who are online and listening. With captive audience being available, marketing companies can reach out to the prospective customers and help build opinion about their products and services as well as initiate discussion about their products with the help of those who are interested as well as those who have been customers of the company. Marketers can learn a lot and get real feedback about their product and experiences from the customers online and besides initiate interest in others who are watching and following the topic.
Social media marketing is a phenomenon and this is a medium that no marketing Organization can afford to ignore or be absent from.
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