Digital Gold Rush: 3 Ways Social Media is Driving the Global Economy

April 3rd, 2018 by | No Comments

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Everybody knows that social media has, and continues to fuel the global economy. It has often been used to engage and communicate with consumers, but it has already started to evolve beyond that.

The benefits that users, businesses, and the global economy can utilize from social media are many. From the wealth of new jobs to greater availability of data and information, here are three benefits of this digital gold rush and how social media is driving the global economy:

New jobs. The “always-on” mentality has ushered in the creation of jobs didn’t exist before to handle the impact that social media has on business. Think about the job position “Social Media Marketer”—a role that did not exist 20 years ago, yet almost every company worth its salt has one today.

Influencers have also risen to popularity as a new form of authority and credible source of product information. Consumers rely on them and often base their purchasing decisions on their opinions and product reviews.

Wider availability of information and data. Before the digital gold rush, it was difficult for brands to consistently share information to their target audience. Since then social media has created a means of getting information, ideas, and other content to be shared instantly across the globe. Social media platforms such as LinkedIn and Glassdoor helped create transparency in the job market, as well as a convenient way for users to access online tools and data such as salary figures, company benefits, and positive or negative company reviews, which were previously unavailable to jobseekers.

Enabled brands to scale globally. Through social media, small and mid-sized businesses have become more empowered to expand beyond their local or national borders and reach global audiences. Now brands can cross-promote content across different social media channels and sell directly through these platforms. This doesn’t only facilitate instant online buying and selling, but also cuts the middleman and streamlines the buying process for shoppers.
About the author:
Jehan S. Ismael is a full-time writer and an editor for a leading digital marketing firm. She has a love-hate relationship with food, likes listening to rock and rap music, and enjoys reading books by self-absorbed writers like J.D. Salinger and Anthony Bourdain.

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