Social media has the potential to counter inequalities
Nonika Raj Kumar, Head CSR & Sustainability, Canara HSBC Oriental Bank of Commerce Life Insurance Company
Social media has had a tremendous impact on all aspects of our lives — be it the way we communicate, we teach and learn, or we do business — well almost every aspect of our lives.
The evolution of social networking platforms in the last few years has been truly remarkable, especially when keeping in mind the astronomical rate at which our society and culture are changing. Social media networks have emerged as the most popular haunts on the Internet and offer opportunities for people to re-connect with their old friends and acquaintances, make new friends, trade ideas, share content, form communities, create events, support causes and campaigns, learn about other cultures, stay updated about latest global and local developments and much more, thereby empowering users in multiple ways.
Social media has also promoted transparency and accountability. Professionals are using social media sites to enhance their career and business prospects. Students are collaborating with their peers to improve their academic proficiency and communication skills. Net savvy companies are using social media to accomplish various business objectives and recognise it as a communication platform that facilitates two-way interaction between a company and its stakeholders.
They are targeting potential influencers on social media and are advertising their products, thus building customer loyalty. In return, interactions and feedback from customers help businesses to understand the market, and fine-tune their products and strategies.
Further, compared to television advertisements and other expensive forms of marketing, social media presence is cheap and effective in enhancing brand image and gaining popularity
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