Production/Service Innovation (M3)

The data which the business is trying to get out there has a larger chance of reaching more people due to social media, this is because people are able to share content to their friends/followers, meaning that if someone shares the businesses post, even more people than before will be seeing the post and will learn and potentially become interested in the company. 90% of businesses say that social media marketing increased their exposure dramatically.

By making the posts which are being sent out full of compelling content, it will ensure that even more people are likely to share the posts. As well as this, by using imagery, videos or polls, it makes the posts seem more welcoming and interesting. However, by just sharing the posts across multiple of the companies platforms, there would already be a higher chance that more people would see the post.

This gives for a wider marketplace, 71% of consumers who have had good social media service experience are likely to share with other people that they know. Also a wider marketplace is gained automatically as the business before hand is only targeting people within a select area, however social media will allow that audience to grow as there are roughly 7.395 billion people in the world, and 3.419 of these people are active on social media.

Using social media will allow for wider resources for development within the business. This can be achieved by monitoring industry trends which are shown online and ensuring that the company is constantly kept up to date with everything being posted around them. They are also able to learn from competitors mistakes which can be seen on their social media profiles. As well as this meaning that they are able to see what their competitors post about, which could help inspire them.

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