4 Ways New Media Has Changed the Business World

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4 Ways New Media Has Changed the Business World Posted: 18 Jun 2013 09:07 PM PDT Gone are the days when a company could make headway with newspaper ads or radio spots. These days, a company must accept social media or perish, because that’s where customers spend time and cash. Learn many of the ways new media has change the business world, below. Companies Have New Tools Via Flickr by Alvin Chua. While the new tools presented to companies via social media can sometimes be overwhelming and scary, they also become powerful tools to reach new markets. Utilized correctly, they impress clients, win new customers, and smooth-over ruffled feathers in ways that static ads never could (for example, Kanye West used a tweet to apologize to Taylor Swift for his MTV Music Awards incident). From Twitter’s tweets to Facebook’s likes, companies have the opportunity to craft social site-specific ads. The right 100-character tweet at the right moment can spell tremendous growth. Companies could reach Facebook’s 1.06 billion monthly visitors with a $1,000 ad: the same ad on TV would cost millions. Passive Consumers Disappeared Businesses are faced with the growing demand of customers wanting to be heard. Before new media customers might (rarely) write to a company to complain or praise them. However, today customers can post on Reddit about a negative shopping experience and effect that business adversely within minutes. The business might not even know why customers are outraged. If a company utilizes social media to connect with customers in a positive way, active customers can easily become brand loyalists or even brand advocates. These people will post about your brand, and share your posts. It’s a great way to get a company’s information out there for free. Competition Is Growing  Image via Wikimedia.org Due to the easy interactivity of social media, companies are able to create fun and new contests for their customer bases. They can encourage people to like and share their information as a method of entering contests, too. This means that companies are not only competing for customers' business in traditional venues, but they're also doing it through the content they create online. But while well-chosen content can inspire customer loyalty, the wrong content can create a public outcry. Applebees famously discovered this when it tried to address a developing situation on Facebook. In these situations, reputation and damage control may be in order – check out the Media Whiz LinkedIn page for more information if your company finds itself in one of these situations. People Read Reviews, & Check Them Twice People used to buy products without thinking about it. Some diligent shoppers would look up review in books, or ask friends about it. However, consumers were extremely limited before new media. Today, consumers can scan a bar code in a store and pull up online reviews from several different sites. The aggregate score is shown, as well as the top and bottom feedback. Facebook also has its own review system. The business world has changed and is still evolving. Companies must embrace new media in order to stay relevant and understand what their customers are thinking.

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