In order for a business to be considered successful, it must be able to promote and grow its customer base and be profitable. The ability of a business to do these two things, therefore, determines its success and profitability. A business is defined by Wikipedia as a company or organized entity, generally set up for the sole purpose of conducting commercial, industrial, or other productive activities for profit. Businesses may be either for-profit or non-profitable entities that conduct either social good or a private profit motive to meet a public charity or further some personal social cause.
Most businesses are driven by revenue streams such as sales, rentals, and advertising revenue. Businesses that provide a service or product that is in demand are those most likely to experience exponential growth due to an increase in their customer base and/or expanding market. Businesses that invest heavily in marketing and other promotional efforts are also most likely to experience growth. One of the most effective ways for a business to grow is through using innovative technological means such as online advertising, social media marketing, and marketing to target specific audiences. Other options include mergers and acquisitions of other companies that specialize in similar products and services, and/or expansion through a variety of strategic business moves.
Businesses continue to face many of the same challenges faced in previous years with the advent of the Internet and other technologies. These include issues with privacy and security, decreased employee productivity due to long work hours, competition from new online businesses, and decreased consumer spending. In order to successfully compete in today’s market, business owners need to use every available opportunity to expand market share, develop brand awareness, and improve productivity. Here are the 15 examples of how businesses are developing businesses with social media in mind.