Saturday, July 13, 2013

The Influence of Social Media on Business

According to a new book, "The Power of Pull: How Small Moves, Smartly Made, Can Set Big Things in Motion," the old methods of doing business are no longer effective.

The book's authors emphasize how the "power of pull" is improved by social networking. They define that power as, "The ability to draw out people and resources as needed to address opportunities and challenges." With the improved access to people and resources afforded by social media, it's easier for workers to succeed.

How do social media affect business dealings?

- Change occurs quickly, so top-down planning is not as efficient. Managers have to be aware of information coming from all different sources, including competitors who work in the same field. They have to adjust strategy in accordance with the newly-acquired information.

- The internet allows people to create connections that were never before possible. People living on different continents can now collaborate on ventures even if they have never met in person.

- Meeting new people can provide workers with new information about their lines of business. Knowledge that used to come from stable sources, such as newspapers, now streams in via Twitter and other social sites. Business people can use social networking to acquire information that helps them to achieve.

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