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How Does Social Media Affect the American Economy?

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brian mccaffrey

on 28 May 2014

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Transcript of How Does Social Media Affect the American Economy?

How Does Social Media Affect the American Economy?
Social media has been helping
and hurting companies for years now, with PR positions mainly affected. Public Relations is not the only affected attribute, as advertisement became thousands times easier through the birth of social media. In this Prezi, we will analyze how Social Media has been affecting the American Economy, with examples!

Positives to Social Media
Social media has been helping small and large businesses immensely, through clever advertisement and PR. Trade thrives when more companies can get out and compete with other companies(through advertisements on social media!), and when trade thrives, the economy is bolstered! This means that not only the social media companies themselves are effected, but literally
is effected in a good way. This is because, as stated before, there is more trade going on, which means more money going around, which means more chance for you to get at that money. Let's look at some examples now of companies that were helped by social media.
Amazon uses the clever advertisement that was mentioned before to flourish as a up and coming company. Have you ever had a terms and agreement page pop up before you sign up for a website, such as Facebook or Twitter? Part of these agreements typically includes giving consent for the Websites to give out the data for what you're browsing. What you're browsing for typically equals what you will buy, and companies like Amazon want to know what you would like to buy. This means that companies like Amazon can buy that browsing data from the websites, and then in turn
their advertisements, telling the website that you browse on to only show these("these" being the advertisements for products you'd enjoy) advertisements. This has allowed Amazon and many companies like it to flourish and bolster the American Economy.
Social media allows for collaboration on a massive scale, as people can connect on a peer to peer level directly and instantaneously. This affects the American Economy in an unfathomable level, allowing industries to pop straight out of brainstorming in an instant. Innovation is really what keeps an economy at float, and social media is simply the bastion that allows for the creators of our society to come together and create!
Public Relations
Public relations and social media go hand in hand, and many companies have done plenty of things in this respect that have gotten them plenty of new fans. (Something to keep in mind here is that the most common philosophy to go about a PR campaign is to appeal to the super-fans the most, as they will bring new people in) For example, we can see Dunkin Doughnuts #DDPhillyTweetUP, a meet up for avid followers on Twitter that included refreshments, entertainment, and more. Many other companies are now taking this approach, and it works quite well!
Negative Effects That Social Media May Have
Social media may have a negative effect on the economy at some times. You can think of the typical examples of lost productivity from people choose to go on social media instead of actually doing their job, but there are other more intricate reasons as well. The reason, though, that all of these reasons will have a negative effect on the American Economy is because of the fact that they all have some sort of outcome that results in less trade happening. The reason that this causes a fall in the economy is due to the fact that when less trade happens, there is a less chance for money to get into more peoples pockets. This causes a downward spiral if left out of hand, but to my knowledge, social media has not caused anything of this magnitude to happen, yet. Lets now look at a few examples of how social media has effected the economy negatively.
650,000,000,000 dollars per year is being lost due to Americans wasting time and efficiency by using social media websites at work. This is
biggest negative effect on the American Economy yet. As you can now see, social media is not all good, as with most industries.
Bad PR
When the Microsoft Xbox 1 was announced, people were complaining about having to check into the internet each 24 hours for the console to function, especially for consumers that live in areas with a not as good internet connection. The Director of PR for Xbox responded to the complaints by saying, "If you do not have the money to get good internet connection, I do not want you to be allowed to use my console" This is a prime example of putting to much power in one persons hand, especially when what they are saying does not represent the views of the company as a whole.
In Conclusion
As you can see, working your company with social media can be a slippery slope, but companies are gaining more and more control every day with these amazing tools. The simple fact that one industry can control so much is amazing, and I am excited to live in this amazing time in history.
Works Cited
Forbes. Forbes Magazine, n.d. Web. 26 May 2014.
"LearnStuff -." LearnStuff. N.p., n.d. Web. 27 May 2014.
"Mashable." Mashable. Mashable, n.d. Web. 26 May 2014.
Netprospex. Social Business Report. Rep. N.p.: n.p., 2011. Web. 27 May 2014.
"Techi.com." Techi Fresh Daily Technology News. N.p., n.d. Web. 27 May 2014.
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