Social Network - Definition, Importance & Example
What is Social Network?
Social Network is an interconnected framework which is made up of set of individuals & organizations and the relationship between them. Social network is an interwoven structure across many computer networks linking organizations, employees and helps in transferring knowledge. Social network can be used for networking with family, friends, relatives, business professionals etc.
It is also used for business purposes through LinkedIn, Twitter, Quora, Pinterest, Instagram etc. Marketers generally use social networking platforms for improving their brand loyalty and recognition. It helps the company in retaining the existing customers as well as to make new customers through its brand’s content. Through these networking sites, a brand can get more exposure, helps the company to share videos, photos and events with people in their network.
It also gives better user interactions and engagements where users looking for connections and community can share their experiences helping them expand their knowledge base, develop and maintain a professional relationships between them.
Importance of Social Network
With growing popularity of social networking sites, with increasing tech-savvy population and rise of electronic media, networking sites provide “real time web” which allows users to contribute contents and once it is uploaded it is broadcasted. It gives a platform to reach multiple professionals with a faster pace. It is important in term of marketing one’s product as it helps to increase referrals and sales leads, reach out to maximum population through word of mouth, provide a medium of feedback which can be utilize my the company to know its product’s performance in the market.
It keeps customers informed and aware about the product, special events and anything important about the business. Social network in perspective of business aid in building customer base, manage and maintain business reputation.
Promotion through social network gives an edge to the marketer over others in attracting more number of visitors, increasing sales which in turn increase company’s profit.
Also, increase in the number of posts related to the company ranks the company higher as establish that company and brand as a trustworthy and legitimate brand. With the evolving social network, it helps in keeping up with the pace and challenges and had a great influence on company’s success rate.
Advantages of Social Network
Some advantages of having a good network are:
1. Social Network is inexpensive as compared to other marketing medium.
2. Give customers to create accounts, post and give feedback at free of cost.
3. Helps professionals from the same as well as different industries connect.
4. The response time is quick as compared to other mediums
5. People with similar interests, job profiles, work experience etc can connect.
Disadvantages of Social Network
However, some disadvantages are:
1. It becomes time consuming as no real work happens
2. Involves risks due to negative feedback/ posts by customer which can degrade the brand name and positioning.
Examples of Social Network
1. Suppose a user is aware of some company and hear it for the first time in the social networking sites like Facebook, LinkedIn or Twitter and may decide to buy its product. Thus, it helps the company to increase its sales and receive continuous customer’s feedback through which the company came to know how to improve its customer service and helps company able to brand itself as a trustworthy brand.
2. Facebook has also a “Live Feed” option where user’s or company’s story or any activities are being live streamed by which consumers and viewers will be knowing all the current happenings and events of the company.
Hence, this concludes the definition of Social Network along with its overview.
This article has been researched & authored by the Business Concepts Team. It has been reviewed & published by the MBA Skool Team. The content on MBA Skool has been created for educational & academic purpose only.
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