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CSUSM MIS 304 - Social Networking and its Business Values

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Social Networking and its Business Values Lisa Cramoline, Lauren Felton, Mike Baum, Ryan Terry, Wang Liu and Tiffany Woodbury MIS 304 California State University, San MarcosIntroduction Social networking is an emerging topic in today’s rapidly changing technological world. In the last few years, businesses are starting to engage in social networks to expand and reach consumers. As social networking grows organizations are taking full advantage of these technologies and incorporating them into their businesses. New and old companies alike are finding value in social networking sites and using it for their business applications. Social networking is the new way of communicating with people all over the world. Company’s used to advertise through newspapers, or in magazines now they market themselves through social media sites. These media sites are more cost effective and have a larger broad base of getting a company’s message and products to consumers. The focus of this research paper is to address several questions regarding social networks and their value in the work place. This paper will address what a social network is, and what types of networks exist. We will also bring to light the pros and cons of each of these media sites, and which networks are best for companies to reach out to their clients, and suppliers. Further examination will be given to the different approaches an organization can take to successfully incorporate social networks into their organizational structure according to the type and size of the business. This paper will also bring data results from survey’s that were given to companies on how they feel about different types of social networking, how they feel it has helped their company, and also in general how social networking has effected these companies.Research Social networking websites are based upon the connection among people. These connections make up family, friends, co-workers, and other like-minded people. Businesses target social media sites because of the wide range of people available. With this wide range of people visiting these social media sites, businesses are able to see their interests and needs. Being able to see consumer’s interests, businesses are able to target a specific market with easy. Also various social media sites emphasis different qualities such as connections with customers, connections with friends and family, etc. Through these sites businesses are able to gain insightful information about consumers with easy and inexpensively. LinkedIn, used mainly for professional business connections, has over 85 million users in over 200 countries. At LinkedIn, they are proud to say that every executive from the Fortune 500 companies are involved with LinkedIn. Although LinkedIn is not a community that focuses on the consumer directly, it does focus on the fact that relationships between businesses are very important. When it comes to searching for local services, Yelp! has gone above and beyond a normal review website. Yelp! was founded in 2004 to help people find local companies with great service like dentists, hairstylists and mechanics. The best part about Yelp! is that businesses wanting to get noticed can create a free webpage and set up offers and discounts to reach potential customers. The website contains over 12 million locally written reviews with 83% being three stars or higher. Twitter is another top social networking platform that has taken the businessworld by storm. Twitter in able to connect businesses and customers by using up to the minute status updates. According to Twitter, “Twitter is a real-time information network that connects you to the latest information about what you find interesting. Simply find the public streams you find most compelling and follow the conversations.” Businesses are able to tell customers what is going on with the company, special promotions, and new products or services. By relaying these messages, business can search their names as keywords and find out what people are saying about them. With over 350 million users, Facebook has been the biggest social networking site since its birth in February 2004. Facebook is a network where friends can keep up to date with each other, share photos, links, and videos. Since the boom of social networking, Facebook has been the front runner when it comes to ease of use and accessibility. Facebook has in the past few years been the front runner for businesses wishing to jump in to the social networking pool. It has an easy to use interface that requires no coding for the user, a large user base, and a platform for businesses to promote its products. Social Networking as a Business Strategy Social networking is used globally on a daily basis to develop businesses and expand career opportunities. Social networking tools are helping companies, business men and women use sites such as LinkedIn and Plaxo as career-advancing tools. Corporations are increasingly seeing social media as a key PR, communications, and marketing tool in the workforce today. When marketing yourself on a social network site you can explore professional relationships with others in your field, business ventures that could lead to positive endorsements from other business that want to help expandyour company. Social networking sites are helping bring awareness to products and services, which might not have been well advertised due to expenses. Also unlike expensive newspaper, and media ads company’s customers are coming to them. This avoids all the noise and clutter of competitors, and makes your company stand out with a clear message. With social networking sites having a wide broad base, and being cost effective companies that might not have been seen, are getting attention. If you are attracting the attention of one new customer through social media, then you have the ability to attract that one person and all of their connections. Social networking creates the opportunity for a company to attract endless amount of consumers, products, and services. LinkedIn and Plaxo are social networking sites where business oriented people go to create connections with others either in their industry, market themselves as a product, find jobs for people who are seeking employment, or just create relationships with other users. LinkedIn and Plaxo offer business professionals to be able to connect with prospective clients, customers, and managers


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CSUSM MIS 304 - Social Networking and its Business Values

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