Kumardeep Singha
Assam University, Silchar
Introduction:
With the growth of the Internet, Social Media networking is also growing rapidly. The latest trend of using social media for professional networking is reflected through the presence of products and services on sites like Facebook, Youtube, LinkedIn, etc. At present, most of the business put their 5-20% of marketing budget to social media.
Youth is the future of every country and successor of the Earth. Youth entrepreneurship has an impact on the overall progress of society. Entrepreneurship is one of the key elements in the development of sustainable knowledge economies due to the creativity and innovation of young people. Social Media offers an opportunity to connect in a personalized and meaningful way with consumers which permits responding quickly to consumer-related issues, sharing, praising the compliments about the company.
India has 54% of its total population below 25 years of age and has labeled its position as one of the Youngest Countries in the world. These young people have thousands of creative minds. As a start-up, they cannot bear much cost as their marketing and advertising costs, they often go for Social Media Marketing which is one of the best tools for marketing, especially for the current generation who spend a lot of their time on Social Media and also it is one of the easiest and cheapest sources of Marketing.
Recent Scenario:
Recent Trends in Social Media create a new door for young entrepreneurs for growing their business. Many entrepreneurs are taking a great lead of audience, reach and the wide array of channels to raise awareness of greater results and lifelong initiatives and a few of them are doing it consistently better than others.
Considering the present scenario of Covid-19 Pandemic, physical/offline marketing and promotions will not be feasible, the only option left is to go for is online advertising through different marketing tools. Among these, Social Media is the most effective. Due to this pandemic, every business has adopted Social Media Marketing for their survival and growth of their business.
Reasons to Embrace Social Media for Growth:
Social Media can help young entrepreneurs to extend their business on a global scale. Expressing your ideas and brands precisely and effectively helps in building not only physical connectionS but also virtual connections with potential investors, key partners, employees, and consumers.
Social Media gives an opportunity to know the wants of customers, through analyzing Social Media profiles and also makes things easier for entrepreneurs to keep their potential consumers by understanding the need of their customers.
Connecting with customers through social media platforms, entrepreneurs get an opportunity for maintaining customer relations and customer loyalty. It is necessary to frequently grab with customers and start building a strong relationship with them. A customer is always looking for a service channel where they can easily connect with Business.
With the help of Social Media platforms, creating a voice for the startup is important in boosting the overall brand image of the business. A business or brand that values and respects its customer takes time to compose a customized message that leaves a positive message on the customer’s mind.
No doubt, Social Media platform plays a key role for the younger people in starting their Business.
Social Media Controversy:
Social Media Marketing is always been known for its controversial nature. Many people raised questions about it’s effectiveness and longevity. One Social Media Strategy may be effective for one company but may not work for another, thus, entrepreneurs must put their time, energy, and finance into the creation of different marketing campaigns and also make the strategy that suits their business.
Social Media frequently engage with conflicts and negativity may be because of these limitations of Social Media-
- Social Media requires plenty of time, energy, efforts, and financial resources to promote relationships with potential consumers. No Doubt, social media is highly effective in increased engagement with customers or generating leads, but it does not frequently convert them into their regular customers and increased sales as well.
- It’s extremely easy for a post to be viral on the social media pages; people always keep a close eye on what good and bad is happening on social media pages. If entrepreneurs aren’t aware of the content they posted, they can fetch up a bad name in their business and getting them in an awkward situation.
Like any other Marketing Strategy, Social Media has its own disadvantages. The disadvantage doesn’t mean that the proposed approach is not productive, but preferably, find the best trick to present your marketing ideas, which might result in the rapid growth of your business. The future of Social media is unpredictable, as long as an entrepreneur can match with the latest trending social media platforms, they will continue to expand their business.
The Drawbacks of Social Media in Entrepreneurship:
Lack of transparency in Govt. Rules, Regulations and the legal infrastructure associated with the Social Media industry is considered as one of the biggest drawbacks of Social Media in Business. Besides, Social Media is always criticized for having a negative impact on the flow of information, due to a lack of an appropriate supportive regulatory framework to safeguard Privacy, Copyright, and Intellectual property.
Social Media as a Niche Market:
Social media also acts as a niche market for many entrepreneurs and business persons. Being an entrepreneur, one should have proper knowledge about this and may target their niche market. Women are ruling on Pinterest, containing over 72% of the total users. One, who has Jewelry and retail business, can spot Pinterest as an opportunity to foster its products and gain renown, recognition and potential customers at the same time.
Social Media offers the perfect place for different markets that may also act as different niche markets based on the category and nature of the business, not only the female-centric but also on Facebook, Reddit and Instagram, we have fan pages, customized categories, groups, niche sections, granting to focus on certain areas and target a distinct audience. Most entrepreneurs are doing these things and it should be a vital component of their Social Media marketing and strategies.
Concluding Thoughts:
Social Media is all about observing and listening to your customers and engaging them. That’s what all young entrepreneurs are doing these days.
Social Media gives the Youth Entrepreneurs an opportunity to link in a personalized and attractive way with their customers and also provide great support and platform to establish their business with minimum cost and effort. However, the future of Social Media is uncertain, as long as an entrepreneur can match with the latest trending social media platforms, they will continue to expand their business.
REFERENCES:
George Howard (2007), The Role of Technology in Entrepreneurship, available at www.artistshousemusic.org
Overview of Leading Indian Social Media, published in Economic Times, Retrieved from economictimes.indiatimes.com
The Room Marketing, Advantages and Disadvantages of Social Media for Business. Retrived from https://theroommarketing.com/advantages-and-disadvantages-of-social-media-for-business/
Sarah Farrer (25 October, 2017). Is Social Media a good thing for young entrepreneurs? Retrived from https://www.virgin.com/entrepreneur/social-media-good-thing-young-entrepreneurs
B. Ahmed (Aug 26, 2018). Importance of Social Media for Young Entrepreneurs. Retrived from https://ajnabii.com/social-media/importance-of-social-media-for-young-entrepreneurs.html
Joan Snyder Kuhl (November 15, 2016), Social Media is making young people more entrepreneurial than ever. Retrived from https://digitalempowers.com/social-media-making-young-people-entrepreneurial-ever/
