Social Media websites have grown phenomenally in recent years. Millions of people use social media sites like Facebook, Twitter etc. to connect with their virtual friends and share important tit-bits of their life. Wikipedia estimates that 1. 5 billion people use social Media websites. This speaks of the enormous power of social sites in terms of its reach.
It has become possible to keep track of friends and their activities on these social media sites. For example, If Jack is dating Jill, they can post their status on Facebook informing their mutual friends. If they break up with each other, they can post an update informing their friends. A person holding the seminar can send a tweet to his followers on Twitter if there is a change in schedule. This way of communicating has made the entire process of communication fun.
The popularity of social sites has proved the notion that consumer is the king. The consumer is no longer at the mercy of companies if he is not satisfied with their services. He just has to post his experience on the Facebook wall or another social network or share his experience with a simple tweet. Since the communication these sites has potential to become viral, it alerts other consumers about non-responsive company. A complaint on social sites evokes faster response than writing an email to the company.
Social networking sites have become integral part of social life. It does not matter if a person is a customer, producer or a marketer. If he is not using social site he is risking losing his business to his competitor.
Marketers have begun using the social sites to broadcast their message. There have been cases where the company whose product failed initially was able to re-launch the product successfully with the help of social sites.
Ironically, it is estimated that only 7% of marketers utilize the power of social sites. Given their enormous clout in terms of reach and viral nature, social sites have forged way ahead of traditional form of communication like e-mail. The phenomenon of social sites has just begun and it is here to stay for years to come.
There is much more scope for innovation in the technological interface of social networking sites. As the technology progresses we may witness the complete integration of various applications within social networking sites.