How to Analyze Social Media's Impact on Your Business

Advertisement of hotels as well as their products is been done through various social networking sites such as Trip Advisor, Twitter, Facebook and several other platforms, thus specially the industry of hospitality has received a positive effect due to the large platform of social media. Blogs and comments on social media, as well as positive reviews from internet users regarding the good reputation of the hotel, have helped the hotel in gaining and developing trust with regular clients (Shareef and et.al., 2019). Moreover, reaching new customers is a great opportunity that has been developed by social media for the hotel industry. Additionally, guests or clients are been facilitated by various options to check the rates, do a comparison of the provided services by the hotel as well as for choosing the best hotel depending on the preference of the location with the direct accessibility which has been created by the social media. Therefore, fast and easy access to hotels for the purpose of direct booking is been facilitated by social media.  As social media has become very much part of everybody's everyday life, the customers of the hotel industry started preferring as well as making their selections depending on the reviews they get on the social media sites. Thus, it could be considered that social media is a tool which could be used as a medium for broadcasting the business (Raab and et.al, 2016).

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Background

Over the past few years, not only the interactions of people but also the interaction of businesses with customers have been revolutionized by the social media sites such as Twitter or Facebook (Larsson, 2018) In order to compete as well as to survive in the current business environment it is very much necessary to deliver the clear message as well as the keen understanding to the consumers of the services and products that are been produced by the industry of hospitality. Therefore,  the current statistics show that around fifty per cent of Facebook users are been influenced by their friend's preference for choosing the hotel in their travel plans (Allcott, Gentzkow and Yu, 2019). This study also shows strategies for increasing sales, attracting a wider range of customers as well as taking competitive advantages with the help of social media platforms. Providing rewards, discounts and other things to increase awareness about digital marketing or using social media plays an important role and it is the main strategy which this study will show.

Additionally, the type of accommodations that have been offered by the hotel company regarding the information of current situations could be understood through social media as most people tend to post pictures and videos on these platforms depending on their experience with the hotel. Furthermore, social media helps in promoting the hotel by making their customer gain knowledge regarding the nearby walkable landmarks or tourist attraction points through their hotel as nowadays guests are not only concerned about staying in the hotel but also care about the fact of what could be done around the hotel. Thus, in this way, the hotel could gain a competitive advantage over the other hotels of the industry through social media.  Therefore, these useful tools help in improving the services provided to the guests as well as help in improving the business of the hotel (He and et.al., 2017). Furthermore, before making decisions regarding their travel needs consumers tend to do online research for the purpose of getting the best value for money, for this they use these social media tools. Additionally, in traditional media,  the communication was one way, but social media has helped the business of hospitality with two-way communication by making the consumers exchange their views regarding their experience as well as social media facilitated their clients to have direct conversations with the company of the hotel (Keller, Möhring and Schmidt, 2017). This study is going to show the importance of social media in the context of business and its product promotion with the different views of authors. It will also discuss the critical impacts of social media platforms on the performance and effectiveness of employee performance of hotels. Businesses take competitive advantages by communicating with customers, providing them with satisfactory services and making them feel valued by solving their queries. On the other hand, social media platforms sometimes become the reason for decreased sales of companies as people visit the company's website and review all comments and negative comments change their minds. Both impacts are being discussed in this study.

Aims and Objective

Aim - “To investigate how the hotel industry can gain competitive advantage through social media” a case study on Holiday Inn Sloguh hotel.

Objective

To analyze the importance of social media.

To examine the critical impact of social media on the hotel industry.

To recommend strategies for how competitive advantage can be gained with the help of social media.

Research questions

What is the importance of social media?

How does social media impact on hotel industry?

What strategies can be followed to gain a competitive advantage?

Rationale

The purpose of this research is to know how the hotel industry has gained competitive advantages through social media. Through this research, the hotel companies could gain knowledge regarding the tastes and preferences of the guests or clients of the hotel. Consumers preferred to be serviced by the various offerings that have been provided by the company of the hotel. Moreover, this research will help in making the hotels gain an of understanding the impact that social media has created on their business. Moreover, this has encouraged the hotel company to provide their customers with the best possible services from the perspective of long-term success. It is an interesting topic as well because social media is not only being used in business for promoting their products but also being used in daily lives and day-to-day activities. By knowing more about social media, hotels can take several advantages of it as it can increase its sales. It can also be beneficial at the academic level as well. By getting relevant information and knowing the importance of social media, the researcher can help different hotels accomplish their goals and make effective marketing strategies by making effective use of social media. It is an interesting topic and it is the other main reason for selecting this topic as in which area an individual has an interest then they put extra effort in making the project successful. Additionally, consumers need recognition by engaging them to share their experience in dialogue with the usage of social media, ultimately in order to improve the business is been gained through this research (Lee, 2018). 

Significance

The significance of this research is to determine how internet-enabled technologies such as YouTube, Twitter, Facebook, Trip Advisor or etc. have influenced the business of the hotel industry. Social media helps raise brand awareness among the various other competitors in the industry. Awareness about Social media and the internet is increasing in rapid manner as most of the people and businesses are making effective use of social media for connecting with customers and promoting their products. It is rising day by day and choosing this topic can help students on their academic level as well as business man to commercial level. By knowing the importance and critical impacts of social media they can make better decisions. Converting potential consumers to loyal consumers is very much essential for the company in order to have long-term awareness as well as brand recognition, thus, social media is the platform for the same. Therefore, these internet-enabled technologies have been implemented for the enhancement of business (Tajvidi and Karami, 2017).

CHAPTER 2

Literature Review

Importance of Social Media

In the context of social media, it can be said that it is an essential piece of business marketing strategy. Technology is increasing day by day and the rising importance of social media is one of the main examples of technology which are being used by most people. It allows people to connect and reach others at local, national and international levels. In the context of business, it is stated by Yahia, Al-Neama and Kerbache, (2018) social media is becoming the main key to the success of many businesses as with its help, businesses are promoting their goods and services to the national level. Hospitality is one of the main industries that has made itself beneficial and developed by making effective use of social media platforms. Hotels or hospitality industry not only promote its products and services to the national level but also get skilled workforces which helps it in accomplishing its goals. In addition, it is also stated that social media supports improving their brand loyalty because, with the help of social media platforms, they engage with customers and provide them with satisfactory services. Satisfied and valued customers are more likely to retain with the company for the long run and if customers retain for the long run then it has a direct impact on improved brand loyalty.

Source: 2019 Social Media Industry Benchmark Report, 2019

In the context of Instagram is becoming popular as many people use it to a great extent. It is being used in education, health and care, and other businesses. It is stated that Instagram is mainly being used for advertisement as there are several companies who upload pictures of their services and products and give all details about it and attract customers to visit their website and purchase them.

In addition, in the context of the importance of social media for businesses Sajid, (2016) said that social media helps hotels and the hospitality industry in increasing traffic and attracting a wider range of customers, Nowadays, people prefer online shopping and want to get all their products online. There are several hotels which give each detail of their products and characteristics of services on social media platforms like Instagram, Facebook and others. People can make effective decisions by reviewing them and having all the pieces of information about the products and services of hotels. Many hotels and businesses allow people to give their feedback and share their views regarding products and services. By reviewing these views, customers can measure the effectiveness of the products of businesses and hotels. One of the main reasons for online shopping and making effective use of social media platforms is it saves time and cost for both, customers and businesses. Companies can even identify the needs of customers who have visited their Website, they can also identify which type of products and services they want to get. By making changes in their services and products as per the analysis, hotels or businesses can take competitive advantages as well as increase sales. It becomes easy to engage with customers. It is one of the main keys to the success of marketing, Nowadays, businesses prefer digital marketing rather than traditional marketing because it helps them communicate with a wider range of customers in an efficient mann

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