Why Businesses Need Social Media to Thrive Today

Social media has emerged as a powerful tool for businesses to grow and expand their reach. With various platforms like Instagram, LinkedIn, TikTok, and Facebook, each catering to distinct audiences, businesses can tailor their messaging to effectively engage users. These platforms allow companies to connect with potential customers across different demographics, from professionals to younger, trend-driven audiences. In an age where people spend significant time scrolling through their social feeds, social media presents an opportunity beyond entertainment—it offers a dynamic space to promote products, build brand awareness, and foster community engagement. Hence, this Chicago Booth Review article draws insights from three experts – Sanjay K. Dhar, Sandra Lee Stark, and David McAlpine on how social media can serve as a powerful business tool.

According to the article, social media offers businesses an effective platform to engage with their audience while also presenting challenges. The article suggests that companies must tailor their strategies to each platform’s unique audience. For instance, TikTok can reach a younger demographic, while LinkedIn is more suitable for professional content. The article also highlights that influencers can help brands communicate authentically, even if there is internal resistance. Furthermore, the article emphasizes that success on social media is not just about likes but how well the brand’s message travels. According to the article, social media can also level the playing field for smaller brands by creating organic movements, as demonstrated by companies like Warby Parker. The article suggests that companies must invest in cohesive teams to maintain authenticity, respond to customers, and build a strong brand presence across channels.

By leveraging social media platforms strategically, businesses can thrive, turning casual interactions into loyal customer relationships and increasing brand visibility in a fast-paced, digital world. The preceding text explains how online platforms can serve as powerful business tools and why it has become necessary for businesses to leverage their potential.