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Role Of Social Media In Business

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IEEE TRANSACTIONS ON XXXXXXXXXXXXXXXXXXXX, vol. #, no. #, MMMMMMMM 1996

A framework to effectively use social media as a marketing strategy for start-up companies
M.Ramashini.1 C.S.D.Ellepola.2 D.P.Jayathunga.3
1, 2, 3 Department of Computer Science and Technology, Uva Wellassa University of Sri Lanka
1 ramashini@uwu.ac.lk
2chamalie@uwu.ac.lk
3poornima@uwu.ac.lk
Abstract— Start-up companies have a lot of challenges ahead of them. Attracting the customers to the business is one such major challenge which is faced by all most all companies at the beginning. Many companies try to find marketing strategies which they feel as the most suitable option to market their goods and services to the potential customers. With the …show more content…

Two important benefits of social media to businesses are cost reduction by decreasing staff time and the increase of probability of revenue generation. Social media helps companies to enable customers helping customers and engages prospects through customer evangelism. It also shares their expertise and knowledge and taps into the wisdom of their consumers. Thus the benefits of social media include brand reach and awareness, consumer interactions through transactions, referrals and reputation management [13], Selecting the appropriate social media platform is an important …show more content…

It is essential to identify what the prime aim or the goal of the business when deciding on using social media as a marketing strategy. It can also be considered as what is the ultimate expectation of the company by deciding to use the social media platform as a method to promote their goods or services. When setting up these goals/objectives, it is important to identify whom you are targeting, what are your other marketing strategies and how you can align them together, and the timeframe? Also it is essential that the goals and objectives which have been set are Specific, Measurable, Attainable, Relevant, and Time-bound (S.M.A.R.T). During the literature review it was identified that most of the marketing strategies pertaining to social media fail due to the unattainable and unrealistic goals. Most of the startup companies fantasize about having a larger customer base or remarkable brand awareness within a short period of time. Even though there is no doubt that the internet has made the world a smaller place and that it has widened the horizons for the marketers, it should be understood that social media should not be considered as magic tool that turn the business into a globally recognized company overnight. Setting (S.M.A.R.T) goals/ objectives helps in deciding on the most suitable platform/s to carry out the social media

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