Quizlet Privacy Will Continue to Affect Social Media and the Sharing Economy

THERE is now a popular term called "socialnomics," which is invading the digital world and can prove beneficial to businesses.

It is a people-driven economy, which is taking over the digital space and is more popular in terms of its reach compared to internet advertising and the traditional advertising on TV, radio, newspaper and other forms of media.

Socialnomics media channels can be through Twitter, Facebook, Messenger, Viber, texts,
e-mails, Instagram, etc. The more popular ones in 2018 are: Facebook with 2.23 billion, YouTube at 1.9 billion, Instagram reaching 1 billion with the next at a poor fourth at 376 million, based on a survey by dreamgrow.com updated on November 20, 2019.

The power of social media was evident in the previous elections when Barack Obama became the 44th President of the United States through maximizing the use of social media. Our very own President Duterte's popularity during last elections was beefed up by their campaign group utilizing the social media by flooding the sites with their comments in favor of the President. Definitely, social media became a powerful tool in changing not only the political landscape but also the way of doing and promoting business.

The big question now is why is social media becoming exponentially popular? In his book, Socialnomics, Erik Qualman even wrote that internet advertising will soon be antiquated, unless they revolutionize to maintain their market share. People do not want interruptive advertising and spam filters, and popular blockers can easily prevent these advertisements from getting through to consumers.

But people usually respond to people whom they know and can give them reviews and suggestions on what product to buy. And social media is not a waste of time, if used properly. Allowing people to see the personal side of you (although you also have to limit what to show to your friends) unknowingly builds a bond between you and your friends who follow you and those you are following.

For instance, when you are waiting in a long line, whether at the grocery or cinemas, or waiting for your driver's license to be released, you open your Facebook and you happen to see that you are invited to an event for tonight, and you want to go—so before you go home, you bought a gift or ask a friend who has a boutique to wrap a dress for you and deliver it to your house.

You also want to buy a book online, but not sure if it is good so you ask your friends in Messenger or in Facebook if it is worth your money and your time to buy this book. People will rely more on the comments of their friends, rather than read the reviews online because not all are reliable. Two years ago, before going up to Baguio, we were trying to look for the best places to eat and we happen to read a travel blog which suggest these particular places to eat. Those were big disappointments, so we went back to the restaurants we always know and which we frequented in Baguio to eat, and promised ourselves not to rely on travel blogs anymore, especially from people whom we do not know.

For places to see and what food to eat, we also take into account those posted on Instagram by friends. We can also chat or send them personal message if we want to know more about a place. So social media is no longer just for the young ones, but also to the "young once."

It can also be a form of recreation and an outlet for those who are confined in their homes or hospitals because of sicknesses. They can easily communicate with their friends and update them of their physical condition. In fact, many are trying to teach their old people at home how to use Facebook or Instagram so they can see updates of their family members. Parents also joined Facebook and Instagram so they can see the activities of their children and the latter are also making sure they do not misbehave or it can be post online.

That is why in the recent survey, it shows that social media, particularly Facebook, YouTube and Instagram, are gradually invading the business world and the economy as a whole. These form of media benefits not only those who have products to sell, but the consumers, as well, since it saved them a lot of time in terms of deciding what to buy or where to eat, etc. Instead of spending time browsing through other sites, their social networking sites can easily provide these with the large information being shared on these sites nowadays, as told in the same book of Eric Qualmann on socialnomics.

And according to the aforementioned author, it is not just a word of mouth but a "world of mouth," since we are communicating to people and friends all over the world. And what better way to create a bond of friendship than through social media. Further, what better way to revolutionize your brand than through these sites? When handled properly, socialnomics will invade not only our economy, but all aspects of our lives, as well. We just have to be careful what to allow in our personal and social lives.

Wilma Inventor-Miranda is a managing partner of Inventor, Miranda & Associates, CPAs, chairman of the media affairs committee of Finex, member of the board of directors of KPS Outsourcing Inc. The views expressed herein do not necessarily reflect the opinion of these institutions and the BusinessMirror.

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Source: https://businessmirror.com.ph/2019/12/04/social-media-and-the-economy/

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