The impact of social media
Social media has changed the way people communicate, share and do business around the world. Social media offers people the ability to share ideas, join groups with people that have common interests and allow businesses to rent a space on the social media platform of their join to run advertisements for their business. Alexander Djerassi believes that almost all of the entrepreneurs today use social media to grow their business in some way or form. Although many entrepreneurs use social media to grow their business, not everyone is successful at it because social media advertisement is very competitive when it comes to the business sector. Even large corporations are using social media like Facebook and Google to advertise their product and service and they have more capital to spend on high quality advertisement versus new business that do not have a lot of capital to start with. Running a business requires more than just creating a product or service and advertising them on social media. According to Djerassi, to have a successful business, it requires research, problem solving, discipline and outside perspective. Meaning the person starting a business will need some kind of a vision then they will need to find a problem they want to solve. After the person finds a problem, they want to solve, they must create a product or service that is a prototype and then release it to the public and allow the customers to give feedback on the product or service. After gathering enough feedback, the company must re-create their product or service according to the customer’s feedback so that when they sell the product or service to the new customers, the product has been improved. If the customer can see that the product has been improved, they will refer their friends and family to use the product and that will be a free advertisement for the company.
The problem with many businesses in today’s world, is that they are afraid of getting customers’ feedback because they think they will lose the customer if the product is not perfect the first time but that is incorrect because nothing can be perfect the first time. The company should release their prototype product as early as possible and use social media to gain people’s feedback and information to improve the product or service quality. With the power of social media, it is possible to gain thousands or millions of feedbacks in a matter of weeks or months simply by posting the product online and encouraging friends, family and other relatives to comment on it so that other people will also comment on the product and give advice on how to improve it. Social media is a powerful tool when it is used correctly. If an entrepreneur uses social media in the wrong way by posting irrelevant information on the product, people will automatically move away and find somewhere else to be because they think the company or business is wasting their time. Alexander Djerassi thinks that having a vision or a great product is good but knowing how to use social media to have a big impact on the business.