Web 2.0 and Social Media: The impact to Businesses

Web 2.0 and Social Media:  The impact to Businesses

Good Day All,

Let me first introduce myself and my experiences to better understand my perception of this topic.  I have spent many years within Financial Services, working for corporations as well as being a business owner. I have held/hold many professional licenses within that segment, but an opportunity came along that I couldn’t resist, that would allow me to use multiple of the things I enjoy doing.  My education background consists of a BA in Finance from UF, and I am currently pursuing a Bachelors in IT Management, as my new path has me as a Client Delivery Manager for an IT managed service provider.  I have always enjoyed people, entrepreneur endeavors, and have always been gadget/technology geek.

The majority of the world uses Web 2.0 technology and Social Media on a personal level, but how do businesses use it?  Is it impactful for businesses? And Consumers?

Let me do some word association with some known Web 2.0 and Social Media Applications:

You Tube

Twitter

Facebook

LinkedIn

Many consumers are very familiar with these, and understand how they use them, but how do Businesses incorporate these into growing and changing their business models?

Back Ground of Web 2.0:

Social Media/Web 2.0 technologies are defined as social networking systems that utilize software allowing a user to create profiles, to interact, and share information. Web 2.0 was founded through a variety of internet based applications that integrated the highly interactive service platform.

Business Advantages:  How are Businesses empowering themselves?

Social Media/Web 2.0 services are becoming prominent in businesses worldwide. The use of social media has allowed businesses to create profiles, and to share and interact information with clients from different realms of life instantly.  The use of this technology is allowing businesses to be much more agile, and pointed in their marketing endeavors. Utilizing this interaction provides immediate feedback to businesses to make impact decisions to align with consumers.  This provides competitive advantages to those organizations that are using Social Media applications and Web 2.0 to reach consumers and assist with consumer perception.  The ability to reach the masses and record the data associated, provides direct incite to consumers.  The battle of perception is also aided with the use of these technologies, as marketing campaigns can be established to make consumers aware of all the goodwill that many organizations participate in. Social Media, aligns with Big Data and IoT as a leaders in changing how businesses are conducting business and communicating with consumers. Social media is a built application with technological and ideological practicalities of Web 2.0.

Consumer Advantages:  How consumers gain?

From the customer’s perspective, it was disclosed that clients find it easier to convey their wishes on products and services. Furthermore, clients can communicate directly with the management leading to the satisfaction of wants. Besides, the quick responses experienced by customers while using social media/web 2.0 tools enabled the immediate gratification of needs and enhanced good customer relations.

Conclusion:  Why Businesses need Web 2.0 and Social Media?

On the business side, companies are able to align their products consistently with the demands of the market and thus compete amicably with competitors. This means that firms that use these technologies have a competitive advantage over their rivals in the market. The research concludes that the use of Web 2.0 and Social Media greatly benefits preexisting businesses as well as ones that have been opened in the digital era.  The benefits are overwhelming, and those businesses that are slow to adopt and adapt will lose competitive advantages and loyalty will continue to diminish as each digital generation grows.  It is recommended that businesses should have a special social media team that uniquely addresses the demands of a specific market through web-based applications.

The choice is yours, but as a consumer, business owner, or large corporation empower yourself and those around you to know the heartbeat using Web 2.0 and Social Media. 

Mike