The use of social media in the last one decade has seen a huge up rise irrespective of age and gender. Social media platforms such as facebook, whatsapp, youtube twitter, they provide a great platform to interact globally. One can use social media to follow others, one who is more informative, provides more insights and more importantly similar interests. Companies are using these social platforms to build their reputation in the eyes of people and to defend themselves when required.
Conventionally companies spend millions of their budget on advertisement and promotions. But through several research it has been seen that purchasing decisions depend more on what their friends and family recommend them and what they see on social sites.
The one incident is, where a USA based wine shop used social media to get the attention of people and has expanded its business. It was just a normal shop but the owner’s son saw that the wine is a category which is defined according to its niche user and people are very passionate about wines. People are very curious about the varieties of wine available in the market but they are under served when it comes to content. So what he did was, he started an online video, called “wine library TV”. He started from nowhere. Every week he used to put one or two videos about wine variety and used to give reviews also. He ensured one thing that every single conversation happening anywhere on the social web which was about wine, he was present there. He answered each and every query about wine. There was no transaction element at all. He was just being helpful and being an expert about wine. Over the course of time he became a sensation over social media. He has millions of followers on twitter. His 3 million dollars business became a 60 million dollars business. He just used the media intellectually.
Then there was another incident where Al pacino ceo of universal pictures, writes about how someone has hacked his twitter account and tried to defame him. In Spite of this bad experience Al Pacino believes that social media outweighs its pitfall.
So we can say that social media helps companies in reaching their target audience, analyze their competitors and make strategy accordingly. So every company is a media company that is how one needs to see. Strategic use of media can help in growth of business.