Introduction:This research paper would intend to learn the effect of social media platformson startups and the rise of entrepreneurship.
The use of social media platformshas been increased exponentially in the past one decade. According to ourresearch, an average human being spends up to four hours of his day on socialmedia platforms. It forces the startups to think in a new direction and muchnew online business idea generated in past one decade that includes online foodordering, Online shopping, Online property rentals, etc.
and much more iscoming. SocialMedia: Social media and networking are allcomputer-mediated engineering which eases the sharing and creation of allinformation, thoughts, livelihood interests and also other kinds of saying viavirtual communities along with networks. With the help of Social Mediaplatforms, you can enable the exchange of thoughts, ideas and much more. Onecan develop new connections and nurture them with the support of social mediaplatforms. The most common social media platforms we use these days is mentionbelow· Facebook · Twitter· Snapchat· Instagram· Linkedin Entrepreneurship: The fundamental entrepreneurshipdefinition may be that the action of making a company or companies whilescaling and building it to build a profit. But, entrepreneurship is also aboutchanging the world by solving big issues.
Like initiating social change,establishing an advanced product or introducing a brand new life-changingsolution. It can even help lower unemployment levels through project creationto decrease poverty. It’s all aboutbuilding a lifetime all on your terms. No supervisors.
No restricting programs. SocialMedia Platforms: There are the different types ofsocial media platforms are available, for our research, we have taken specificsocial media platforms into account that are mentioned below:Facebook:Facebook is an America Based socialmedia platform started in 2004 by Mark Zuckerberg and his fellow students ofHarward University named Eduardo Saverin, Andrew McCollum, Dustin Moskovitz,and Chris Hughes. Initially, Facebook was built for Harvard students only, butlater the founders realized its scope and took it to a global level.
PresentlyFacebook has total Audience of 2 billion users. Eight years after their inception,Facebook launched its IPO for the first time in 2012, and in the present era,the use of Facebook goes beyond the building connections.Presently,Facebook is helping businesses in generating additional sales, improvingcustomer experience, building communities of like-minded people and much more.The users of Facebook are increasing cumulatively every year. Many onlinebusinesses are based on the Facebook on platforms. It includes the viral pages,blogs like Wittyfeed, Buzzfeed, etc.
Twitter:Twitter is a San-Francisco based socialMedia platform founded by New York University undergraduate students in 2006.It was founded by Jack Dorsey, Noah Glass, Biz Stone and Evan Williams.Presently the user base of Twitter has crossed the mark of 100 million usersand is helping brands in improving the customer interaction and customerrelationships. It is online social media platforms that enable users to postthe message in the limit of 140 characters only that later changed into 280characters for certain accounts.
These messages are known as Tweets. Accordingto Wikipedia, More than 340 million tweets are regularly posted after 2012 andnumber keeps on increasing. After seven years of inception, Twitter launchedits IPO in 2013 with 70 million shares.
PresentlyTwitter is helping Bloggers, Politicians, Big Business Brands, etc. inaddressing their customers, growth hacking, Social Media Monitoring, Customerredressal, and maintaining customer relationship too. Snapchat:Snapchat is an image messaging mobileapplication that has been launched back in 2011 by Evan Spiegel, Bobby Murphyand Reggie Brown the former students belonging to Stanford University. It isavailable for IOS, Android and Windows Mobile only.
You can’t use the same appon laptop or in desktop. As of Now it is available in more than 20 languages. The app has evolved from originally focusing onperson-to-person photo sharing to presently featuring “Stories” of24-hour chronological content, along with “Discover” to let brandsshow ad-supported short-form entertainment.
LinkedIn:LinkedIn is a social media network intended to build professional network ofpersonnel working in different domains. The main purpose of LinkedIn is to helpusers looking for B2B social connections. It has been founded in 2002 and isavailable in form of website and mobile app for all the platforms. The mainsource of revenue for LinkedIn is by selling information of LinkedIn users torecruiters and sales professionals. LinkedIn has 106 million active usersacross 200 countries by 2017 and total of 500 million users. It is based out inCalifornia and launched its IPO in 2011, 9 years after its inception.
Later in2016, LinkedIn got acquired by Microsoft Instagram:Instagram is an image sharing platformthat is enable for mobile, desktop and PC users. It has been launched back in2010 and later acquired by Facebook. It was developed by Kevin Systrom and MikeKreiger and initially it was available exclusively for IOS users only. Later ithas been introduced for android users too. Presently it is one of the famousapp among mobile users with the user base of 700 million active accounts. It isuseful for brands who are into the selling of fashion Products, Restaurantsowners, etc. Instagram got popular among users very soon and 1 million usersinstalled instagram within a month of inception. In 2012, Facebook acquiredinstagram for 1 billion$ cash and some stock.
Importantfactors to keep in mind while social Media platforms for your Business: Community Building- To get leads initially, you need to deliver them valuable content at first instead of dropping your sales proposal directly. Once you start deliver great information and content to your users, you will be automatically able to generate revenue out of it. To provide that, you need to build a great community of users from all around the web. Turn Around Time (TAT) – To get any business flourished, TAT plays a crucial role. Social Media is different from branding via newspapers, television and radio where one can expect results after a period of time. But on social media, Turnaround time should be quick.
A Blog Post, Twitter, LinkedIn or Face book campaigning should be operated as per the stipulated time of delivery or leads. Engagement- Social Media networks are all about community building and providing the valuable content in which your target audience takes interest. Make sure your customers get interested and respond towards the information you are providing to them. If they are not responding, it means they are not interested in your content.
Hence to get engagement and sales, you need to build an active community of like minded people by delivering content of user interest with some value in it. Driving Sales- To drive sales for your business and even for personal promotion of an individual; daily content marketing and advertising over Social Media tools have a major role to play. Face book, Twitter, Instagram and Linked In campaigning influence audience and drive enormous amount of sales. When advertising happens over social media then a marketing team should be clear about return of investment (ROI). Methodologyof ResearchThis section of research containsthe detailed description of methodology of research method we used to conductthe research. At the end of this chapter, you will get to know about all thedata we have taken into account to conduct the research paper. Type of Research Conducted: EthnographicResearch: The research type we conducted fallsunder ethnographic research.
Ethnographic Research is a qualitative researchmethod that earlier used by Social Scientists or anthropologists, but from pastcouple of years it has been also used by Marketing executives of anyorganizations while formulating marketing strategy for their organizations. Ethnography is a study through direct observation ofusers in their natural environment rather than in a lab. The objective of thistype of research is to gain insights into how users interact with things intheir natural environment. In our research problem, we are trying to figure outthe impact of social media platforms on businesses either for positively ornegatively. Under this research, we conducted 2 email Interviews and 1Online surveys. All the graphs and interviews are given at the end of paper. Qualitative Research: It is a social science research methodology which we use weare not able to quantify the data we have in form of Number, charts and data.
The email Interviews falls under the qualitative research methodology.Quantitative Research: Quantitativemethods stressed upon objective measurements or the data that can be counted.It is the statistical, mathematical, or numerical analysisof data collected through polls, questionnaires, and surveys, or bymanipulating pre-existing statistical data using computationaltechniquesType of Data Used: We take primary data in our account to conduct the research.We conduct a survey of 100 people, to whom we ask few questions to identify theironline behavior. We conduct an email Interview of 5 startups based out inDelhi- NCR, Mumbai and Bangalore who are majorly dependent upon social Mediaplatforms and online marketing to run their business. Their experience andestimates about social media platforms will help our readers to take an ideathat how their business will grow with the help of social media platforms.
We also conduct an email interview of 5 social Media Agencywho provide social media marketing services and other online marketingservices. The central theme behind their interview is to estimate which socialmedia is popular among their clients. What is their belief regarding theirbusinesses etc. Sampling Type: Researchpaper is entirely based upon the primary data type and the method use forsampling is convenient sampling. Convenient sampling is a technique of sampling where we takesample randomly according to our ease and convenience.
Sample Size: Weconduct an online survey of 100 users We conduct an email interview of 5 social media agencies thatare in business of online marketing. These Marketing agencies are (OxPro Media, YoustableTechnologies, Clickretina, Techxus,and Geexfy)We conduct an email interview of 5 startup representativeswho are majorly dependent upon social media. It includes (Carpiko, Segment One, Medlabz, Treyoloand Scribbify) RESULTThis chapter consists of results based upon the email surveysand email interviews we conducted. Results for them are mentioned below: Online Survey:· In oursample size of 100 people, 67.
6% respondents are students, 23% students are inregular job while 8.8% has their own business· Themajority of respondents in our survey are between the age of 18-22 years thatis 47%, while 23% of respondents are between the age of 23-27 years, 8%respondents are 28-32 years, nearly 4% people are between 33-37 years, and 7%people are more than 38 years· Nearly40% of our audience use more than 3 social media platforms while 10% people useonly 1 platform· Themost used social Media platform is Facebook with 32% users followed by Youtubewith 27% and instagram with 19%· Nearly80% respondents use social media up to 8 hours in a day· 98% ofrespondents are using social media platforms · 30% ofrespondents do online shopping frequently, while 13% of respondents neverbought anything online· 80% ofrespondents inquire for online services at least once in life time· 91% ofrespondents use Google maps or any other navigation services OnlineInterview (Startups):Belowwe have mentioned the name of companies whom we have surveyed and theirresults:Carpiko:Carpiko is an online automotive sectorstartup that provides door to door car servicing. One can book for carservicing using their app. According tothem social media helped them a lot that help in growing their business by 5times. Their expected audience size is 24 lakh+ car owners of Delhi-NCR.Presently they are using digital marketing services only to grow theirbusiness. Nearly 80% of their revenue comes from Social Media Platforms andother digital marketing platforms. SegmentOne: Segment one are making a SaaS productthat can help further in email automation tool.
Presently, they are using SEO,Inbound marketing and Digital Marketing practices to grow their businessfurther. They are targeting 500 small business clients for next 1 year and20,000 clients in next 5 years. Apart from social media, they are using Coldemails and cold calling in order to generate more business for theirorganization. Presently they have B2B business model. They have not foundsocial media much helpful and generated 5% revenue with the help of socialmedia.
Medlabz:Medlabz is a medical diagnosticsplatform that is currently based out in Mumbai and Hyderabad only. They are B2Ctype startup that is majorly relying upon Social Media and search engines fortheir growth. As of now their audience size is 2 lakh users and they areplanning to expand in 6 cities with the target of 15 lakh people annually.Besides, Social Media they are also focused upon Tie-ups with premium hospitalsand health organizations. According to them, onlinediagnostics platforms are heavily dependent on social media for discovery bythe customers when they need the services. In addition they are looking to growsocial media communities around health to build our brand. At present they areable to generate 30% of their revenue using social media platforms.
Scribbify: Scribbifyis a content marketing agency that provides content marketing services to ebookwriters, Websites, Mobile Apps etc. According To Rachit, the founder he saidsocial media platforms are helping them a lot to bring businesses. Apart fromsocial media platforms they are also running a referral program where they areproviding commission to those who recommend their services. Most of their clientscome from online mediums. Most of their deals are discussed over facebook andskype and nearly 50% of their revenue come from social media platforms.
Treyolo:Treyolo is catering fashion market. Their customers are fashion brands anddesigners who are active in fashion market. They are mostly using instagram tofetch fashion data and it is helping them a lot.
Treyolo is under B2B maketingdue to which they avoid social media platforms like Facebook and stressed moreupon LinkedIn. Apart from LinkedIn they are using cold calling, cold emailsetc. to convert new deals. Their expected market size is 45B$. For them Socialmedia is a goldmine for them to get data related to fashion.
Their experienceon social media to get clients is not so up to the mark and they found itcostly. OnlineEmail Interview (Digital Media Agency):Belowwe have mentioned the name of companies to who we surveyed and wrote theiropinion below:Youstable:Youstable Technologies is in Web hostingindustry and they also provide other online marketing services. They arepresently based in Lucknow. They are 7 years old organization and presentlyworking with 10 persons. According to them, their clients primarily concernedabout Facebook and then they ask about other social media agency. According tothem within a decade search engines and social media will be an optimum choiceto use for any offline business.
OxProMedia: OxPro Media is a Delhi based digital marketingagency that provides Web Development, SEO, SMO, SEM services. They have teamsize of 14 people working with them. According to Oxpro Media representative,their client look for Facebook more when they are looking for B2C while theyare more stressed upon LinkedIn more when it comes to B2B marketing. Accordingto them, prediction of next decade is tough since the industry is very dynamic.Social Media is very important as it helps in promoting the conversationbetween brands and its users. Techxus:Techxus is 2 year old digital marketingagency based out in Delhi- NCR. They are offering complete digital marketingservices and they have a team size of 8-10 members.
According to them, Facebookhelped them a lot to acquire new clients and expand their business. Accordingto them social media has immense potential in near future and it is essentialto validate your brand. Social media marketing is helpful in validating thebrands and increases the customer loyalty.
The scope of social media marketingwill increase in near future.Geexify:Geexify is 7 years old digital marketingagency based out in Bangalore. They offer complete digital marketing servicesfrom SEO to SEM and other advertising services too. They have a few members intheir in-house team and have freelancers too. Their clients are more focusedupon facebook and instagram.
According to them social media has immensepotential and if one is not able to realize its potential now, you may onlyregret in future. According to them importance of social media could not beneglected because it is the best way to study the behavior of your audience. Ifone is not using the social media to study their audience you are missing a lotof things. Clickretina:Clickretina is a 2 years old digitalmarketing agency based out in Lucknow.
They are offering complete range ofdigital marketing services. It includes SMO, SEO, and SEM etc. Their team sizeis of 5 members and they are highly concerned about facebok since most of theirclients come from facebook for them. According to them, Social media hasimmense potential and sooner or later it will become the integral part ofeveryone’s life. According to them, social media has different utility fordifferent people but it is important for all. CONCLUSIONSocialMedia has an immense potential for any kind of business.
Predicting what isgoing to happen in a decade is tough but it is quite sure that social mediahave immense potential and it will become the integral part of our life. Inpast 1 decade online shopping becomes an important part of our life that isgoing to increase in future soon. If you are in B2C then facebook and othersocial media platforms is a great source of revenue but on the same side, ifyou are in B2B social media is not something you can rely upon. LinkedIn isgreat source of getting customers when it comes to B2B products.
Listing yourbusiness on google maps is an important step as almost more than 95% people usenavigation services.