The social media is not as fun as it used to be. It became a necessity of trade and business
worldwide. There is no doubt that all
large, small and medium companies now rely on their
marketing and acquisition of a larger proportion of the market through the
presence of their identity and continuous interaction with their clients on
various social media platforms.
The reason for the great importance of social media is the large number of its daily users and how long they use social media platforms during the day. The boom that occurred in social media not only make the doubling of the number of users of the platforms, but was also represented in the increase in the periods of users’ use of the platforms and the extent of their dependence on social media mainly in managing all aspects of their daily lives.
The importance lies in the extent of these companies’ ability to attract their customers and strengthen their relationship with them through the professional marketing strategies and interactive advertising campaigns on social media sites and their compatibility and integration with events on the ground. It is worth noting that global events and public opinions spread in no time on the social media, which works to maximize and accelerate the effect on the value of the shares of companies and large commercial entities if the events and opinions are connected to those companies. This is one of the most important effects of social media on the global economy. We all know what happened recently in the Coca-Cola stock price when the video of Portuguese footballer Cristiano Ronaldo spread at lightning speed on social media platforms. For who don’t know we will mention what had happened:
During the press
conference for Euro 2020 just before the match against Hungary, the Portuguese sports star entered the press
conference and then Cristiano Ronaldo removed a bottle of Coca-Cola and replaced it with water to arouse
everyone to drink water instead of drinking Coca-Cola. That action led Coca-Cola’s share price fell from $56.10 to $55.22.
The video of Ronaldo asking
people to drink water instead of Coca-Cola
spread on various social media platforms at lightning speed. As soon as that happened, people on social media started posting funny
designs and videos and made fun of Coca-Cola
and other soft drink companies. Thus
Coca-Cola had to pay a heavy price
for this and they actually lost $4 billion that day in just 4 hours.
Later, the company responded to Ronaldo’s action very
wisely. In its announcement, the company appeared very positive about
Ronaldo’s act and said that everyone has the right to choose the drink because
people have different tastes.
Despite being the official sponsor of Euro 2020, the company had no problem with Ronaldo’s
attitude to a Coca-Cola bottle.
Coca-Cola said in a statement “Players are offered water, along with Coca-Cola
and Coca-Cola Zero Sugar, when they arrive at our press conferences.”
The influence of social media in the global economy was not only limited to the interests of large companies and governments, but the influence of social media extended to include the individual interests of people as well. The Evidence for this is the contribution of social media to the emergence of new functional entities of great importance that everyone is looking for. One of the most important of these jobs are the manager of social media platforms, the social media marketer, the moderator, the social media advertising designer, and the social media video designer.
In addition to this
many other effects of social media on the economy, one of them affects it directly whereas others
affect it indirectly. One of
the most important images of the effects of social media on the global economy:
Before the appearance of social media platforms, marketing dependence was focused on publishing advertising campaigns in the most watched television channels, newspapers and best-seller magazines, besides the traditional advertising media such as road and street signs.
After the spread of the
use of the Internet and social media platforms, social media platforms have
become the most used communities in the world. They
are used daily by billions of users and for long periods of time, estimated at an average of 9 hours of daily
use for each individual which led to the transformation of the marketing
orientation of the whole world to social media platforms. The
simple costs of social media campaigns,
planning tools,
market studies,
measuring campaign results and analysis were the most important motivators that
facilitated that transformation.
Social media platforms had a major role in spreading health awareness around the world by publishing and sharing many health information, blogs and research by accredited organizations and doctors. All of us have noticed the role of health care for social media during the crisis of the Corona epidemic. This was represented in the awareness leaflets that the World Health Organization was publishing, beside what other international and local health organizations publish through awareness leaflets, blogs and videos to urge individuals to take to preventive measures.
The increasing interaction
with information,
health leaflets and awareness by social media users has caused a huge trend by
the leading companies in the pharmaceutical industry towards racing and
competing in producing an effective vaccine that reduces the risk of the Corona
epidemic. This trend led to a lot of
money being pumped by businessmen and governments to invest in the production
of an effective vaccine.
Thanks to social media as we mentioned before.
Social media platforms
depend heavily on ads for their profits. Therefore, social media platforms have designed
professional advertising control panels which enable everyone to create ads
with the budget available to them.
Interestingly,
social media platforms not only rely on the results of ads on budgets but also
the multiple factors on which advertising results depend. This makes fair competition between companies
that provide the same services and products.
The fairness of
competition provided by social media platforms has helped to enhance the
opportunities for newly established companies to grow. Interestingly, we
can say social media platforms give companies and businesses real opportunities
to target their customers. This
is the most distinctive element in marketing products on social media platforms. So,
market studies and professional planning for marketing campaigns make the
targeting process on social media platforms more accurate without the need for
huge costs.