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Social Media and the Business World Today

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Submitted By tinktig08
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Running head: SOCIAL MEDIA AND THE BUSINESS WORLD TODAY
Social Media and the Business World Today
Juan Smith

Abstract
This paper discusses the many different types of social media and how companies can utilize them to increase the company’s profitability and overall success. Many examples of well-known companies are illustrated throughout the paper. It also gives some tips on ways companies can be more lucrative with social media.

Social Media and the Business World Today
How important is it for companies to be involved with social media? Isn’t that just something for people to post pictures of their dog on, to talk to their friends on, or even to post silly jokes on? Not exactly. Social media is so much more than what it sounds like. Many people and companies do not use social media to be social at all. When utilized correctly, it can be used to win over new customers, retain current customers, and to even promote sales.
To begin, there are many different types of social media. To name a few, there are social networking sites, blogs, microblogs, professional networks, and even video or photo sharing sites (23 Types, 2010).
A social networking site (SNS) is a website that allows its users to create profiles in which they share with other users of the site whom they have deemed their “friends” (Social Networking). Most people use SNS’s for staying in contact with friends and family; however, it can be used for business purposes as well. Examples of a SNS are Facebook, MySpace, and Friendster (23 Types, 2010).
A similar type of social medium is a professional network. Although a professional network is more of a business related version of an SNS. People normally use a professional network to stay in touch with business associates rather than friends and relatives. Most widely known of this type of social medium is LinkedIn (23 Types, 2010).

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