How Social Media and Technology are Changing the Way We Do Business

Business has always been a fast paced industry. Movers and shakers have to get out there and make deals and connections with others, they have to stay abreast on the latest news in their industry and they have to do whatever they can to be sure they are appealing to their target audience. While the principles of business have remained the same for more than 100 years now, the landscape of the business world and how we conduct our everyday duties has changed drastically because of technology and social media. Today, we have so many new and different tools at our fingertips that have made business so much faster and easier. Here are just some of the ways that social media and technology have changed the way we do business.

Technology Has Made Global Business Easier

Gone are the days of trying to make phone calls on static-filled phone lines to other countries. These days, a simple Skype call enables business people from all over the world to sit face-to-face and make deals and connections. Email means we can always connect with others in other parts of the world, no matter what time it is. There are also thousands of different programs and applications that allow business users to share files and documents completely online. In short, technology has enabled businesses to expand at unprecedented rates, reaching people all over the world that many companies never thought they would be able to reach. Global ecommerce is now a reality and will only continue to grow.

Technology has also made eCommerce payments and the exchange of money much simpler and faster. Because of options like PayPal, people can buy and sell items on the Internet simply without fear of their safety and security being compromised.

Social Media Has Given Consumers More Power

Social media has changed the landscape of business in ways we are still trying to figure out. The first thing it does is bring the customer closer to large companies and brands than ever before. Customers are now able to interact with companies on a very close, personal level. They can share their likes and dislikes about products and services and they can offer their recommendations for how these things can be improved. Companies everywhere are taking notice and using the information that they glean from social media sites to cater to their customers.

Companies are also able to offer incentives and contests for customers much easier. Twitter and Facebook contests are easy to hold, very low cost and can attract a huge audience. This is a win-win situation for businesses and for customers.

Businesses are also able to use social media for their marketing efforts and can essentially get their customers to continue marketing their business. A company can share information about products and specials and as customers share this information, even more exposure is gained for the business. This means that a successful business will continue to get discussed and discovered by more and more people simply by word of mouth online.

On the flip side, social media can also cause problems for businesses. If a huge gaffe is made by a company, this can be shared on a global level. Damage control has to be done and the reputation of the business online must be managed closely in order to avoid huge issues.

Business is conducted in completely different ways today than it was just a few short years ago because of the boom of social media and technology. Today, a business must use the latest technologies and have a social media presence in order to be successful on any level.

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