A Pew Research study reported that 62% of people source their news from social media. Also, 18% of people use social media very often to find news.
The New York Times stated that “The election of Donald J. Trump is perhaps the starkest illustration yet that across the planet, social networks are helping to fundamentally rewire human society.”
Nearly a quarter of the global population is now on Facebook. In the United States 79% of all internet users are on Facebook.
Without social media, environmental, ethical, political, and social ills would have minimal visibility. As issues have become more visible, the balance of power has moved from the hands of a fewback to the masses.
Businesses have now realized that they can leverage social media in generating insights, stimulating demand, and creating targeted product offerings.
Full implementation of "social technologies in the workplace removes boundaries, eliminates silos, and can raise interaction and help create more highly skilled and knowledgeable workers".
Social media benefits business brands in the following ways:
Businesses can innovate and improve their product offerings through the real time feedback received on social media.
It creates a platform that enables fair competition between businesses of all sizes.