Growth in social media
AUTHOR: Zeeshan khan
Impact of social media on economic growth – evidence from social media
Dell’ Anno et al (2016) emphasize that one major issue is the presence of measurement errors in the proxies used for both social media users and technology state. These errors can arise from inadequate statistics on social media usage, leading to difficulties in distinguishing between active and inactive users. Moreover, the presence of users with multiple accounts can potentially skew the data by overestimating the number of users.
Web 2.0 and Social Media Growth in Planning Practice: A Longitudinal Study
WILLIAMSON & PAROLIN (2013) states that the potential of social media to enhance communication both within local government bodies and with the community is acknowledged, the actual implementation of these platforms for fostering authentic dialogue is limited. Instead, social media channels are predominantly used for one-way communication, resembling a monologue rather than enabling genuine mutual discourse communication. The research indicates a gap between the theoretical underpinnings of deliberative planning and consensus building and the practical implementation of these principles in the context of online communication, particularly through social media platforms. There appears to be an opportunity for local government bodies to leverage social media more effectively to facilitate meaningful dialogue and engagement with the community, moving beyond monologue communication towards interactive and collaborative modes of communication.
Spurring Growth through Social Media
David Richardson (2016) points out that the prevailing misconception that clients lose interest in expanding their financial knowledge once they hire a financial planner has been debunked by a recent study conducted by the Financial Planning Association (FPA) and LinkedIn. The study, titled “Communication Evolution: Financial Professionals and the Future of Thought Leadership and Social Media,” reveals that clients, in fact, have a strong desire for more financial knowledge. According to the study, successful advisory firms are addressing this desire by curating and disseminating content through social media platforms, a practice referred to as “thought leadership.” This strategy has proven to be effective in fostering client engagement and business growth. FPA CEO and Executive Director, Lauren Schadle, emphasizes the report’s intention to assist financial advisers in understanding how their peers are utilizing social media and thought leadership to drive business growth.
A conceptual stages-of-growth model for managing a social media business profile
Duane and Reilly (2017) significate that the research contributes significantly to academia by extending existing knowledge on Social Media Governance models, applying it to the management of social media in an organizational context. Moreover, it holds practical significance for practitioners grappling with the challenges of managing social media adoption and use. the conceptual SoG Model offers a valuable framework for understanding and managing the complexities of social media in organizational settings. The findings underscore the need for organizations to progress beyond basic use and tap into the strategic potential that social media offers for business transformation.
A Managing Partner’s Vision— Setting Goals and Executing Them
Mendlowitz and Jukna-Parsons (2023) emphasis that the interview provides valuable insights into Witham’s strategic choices, Hagaman’s personal and professional journey, and his perspectives on the evolving landscape of the accounting profession. The emphasis on culture, organic growth, and international collaboration underscores Witham’s commitment to maintaining a unique identity while adapting to industry changes.
Who Uses Social Media for Investment Advice?
Reiter et al (2023) focus on the increasing reliance on social media for financial information necessitates a proactive approach from financial planning professionals. By understanding clients’ social media habits, addressing emotional biases, and exploring the role of social media in relation to professional advice, practitioners can enhance their ability to connect with clients and provide valuable assistance in navigating the complexities of financial planning and investment decision-making. Future research is suggested to delve deeper into the impact of social media on financial well-being and to identify strategies for professionals to leverage these platforms for more effective client engagement.
Influence of Instagram on Buying Behaviour of Gen-Z and Zillennial Consumers
Bhinde et al (2023) the data analysis conducted in this study sheds light on the substantial impact of Instagram on the buying behaviour of both Gen-Z and Zillennial users. The results affirm that Instagram is a potent platform for driving consumer purchases among these demographic groups, with a noteworthy proportion actively making transactions on the platform. The study underscores the pivotal roles played by influencers, Instagram advertisements, and engaging content in influencing consumer decisions regarding purchases on Instagram. Moreover, the findings stress the significance of businesses comprehending the preferences and interests of their target audience to craft effective marketing strategies on Instagram. The platform emerges as a lucrative opportunity for brands aiming to connect with and captivate Gen-Z and Zillennial consumers, thereby influencing their purchasing decisions positively.
The Fresh Start Mindset: A Cross-National Investigation and Implications for Environmentally Friendly Global Brands.
Strizhakova et al (2021) emphasis on Globalization has transformed the social world, making it more global and universal while simultaneously fostering resistance at local, regional, and national levels. This duality has led individuals to navigate between multiple identities, belief systems, and cultural values. The impact of globalization is evident in the shaping of individual identities around global values like justice, environmentalism, and consumerism, influenced by global information flows, international travel, and global brands.
Determining perceptions, attitudes and behaviour towards social network site advertising in a three-country context.
Wiese and Akareem (2020) the study its limitations. Firstly, while the model explains a significant percentage of variance in attitudes and behaviour, there may be other perceptions not accounted for, and the dynamic nature of social networking sites (SNS) could introduce new factors. Secondly, the research is confined to Facebook users, limiting generalizability across different SNS with distinct functionalities and target markets. Future research is recommended to compare user perceptions across various SNS platforms like Instagram, Pinterest, and LinkedIn. Additionally, expanding the study’s context to include countries with different national cultures, beyond the three-country sample, is proposed for more comprehensive insights. The study’s reliance on self-reported behaviours introduces potential bias, and future research is encouraged to employ experiential approaches focusing on specific brands to explore causal relationships.
Public Employee Use of Social Media at Work: Competency, Collaboration, and Communication of Workplace Policy.
Chansukree et al (2022) states that this study delves into the impact of social media use on public employees’ professional and personal lives, focusing on its integration into organizational activities. The research explores social media behaviours, organizational perceptions, and the influence of workplace practices, with a particular emphasis on the public sector context. Key findings reveal that while a significant portion of respondents are light social media users, spending at least an hour on these platforms at work, the majority connect with fewer than 20 colleagues. Moreover, around half reported having explicit social media policies in their organizations, with two-thirds of these policies incorporating disciplinary consequences. The study identifies positive associations between social media skill and maturity levels and self-reported collaborative and resource-seeking behaviours. In a scenario-based survey experiment, respondents exposed to a scenario with a “formal workplace policy on social media” were more likely to consider social media-post-related terminations as fair, indicating that the presence of such policies enhances procedural fairness.
Behavioural Implications of International Social Media Advertising: An Investigation of Intervening and Contingency Factors
Khalil et al (2018) emphasis that only one cultural factor, uncertainty avoidance, leaving room for future research to explore the moderating effects of other cultural factors and time orientation. The interaction between uncertainty avoidance and processing time for SMA in consumers from high-/low-uncertainty-avoidance cultures could be explored further. The post hoc three-way interaction findings point to the need for more investigation into how global social media types interact with cultural variables. Future research streams could focus on international SMA design and outcomes, identifying other content-related drivers and exploring the implications of different levels of SMA interactivity. Additionally, studying marketing outcomes and strategies for SMA in the global market could contribute to theoretical knowledge and actionable strategies. The study concludes by highlighting these avenues for future research and the potential for advancing the understanding of SMA in a global context.
CONCLUSION
In conclusion, the issues related to measurement errors in social media usage and technology state proxies are highlighted, particularly arising from inadequate statistics and challenges in distinguishing between active and inactive users. The presence of users with multiple accounts is noted as a potential source of data skewing, leading to an overestimation of the user count.
The research emphasizes a significant gap between the theoretical underpinnings of deliberative planning and consensus building and the practical implementation of these principles in online communication, especially through social media. While the potential for enhancing communication within local government bodies and with the community is acknowledged, the prevalent use of social media channels for one-way communication is identified as a limitation.
REFERENCES
Almazrouei, Fatima, Muhammad Alshurideh, Barween Al Kurdi, and Said Salloum. 2021. “Social Media Impact on Business: A Systematic Review.” In Proceedings of the International Conference on Advanced Intelligent Systems and Informatics 2020: 697–707. https://doi.org/10.1007/978-3-030-58669-0_62.
Ansari, Yasmeen, Mansour Saleh Albarrak, Noorjahan Sherfudeen, and Arfia Aman. 2023. “Examining the Relationship between Financial Literacy and Demographic Factors and the Overconfidence of Saudi Investors.” Finance Research Letters 52 (March): 1–11. https://doi.org/10.1016/j. frl.2022.103582.
Baker, Helen. 2022, May 3. “Why You Need to Watch Out for Finfluencers.” Women’s Agenda. https:// womensagenda.com.au/life/money/why-you-needto-watch-out-for-finfluencers%EF%BF%BC/.
Bianchi, Milo. 2018. “Financial Literacy and Portfolio Dynamics.” The Journal of Finance 73 (2): 831–59. https://doi.org/10.1111/jofi.12605.
Bolton, Ruth, A Parsu Parasuraman, Ankie Hoefnagels, Nanne Migchels, Sertan Kabadayi, Thorsten Gruber, Yuliya Komarova, and Solnet David. 2013. “Understanding Gen Y and Their Use of Social Media: A Review and Research Agenda.” Journal of Service Management 24 (3): 245–67. https://doi. org/10.1108/09564231311326987.
Brenner, Lukas, and Tobias Meyell. 2020. “RoboAdvisors: A Substitute for Human Financial Advice?” Journal of Behavioral and Experimental Finance 25 (March): 1–14. https://doi.org/10.1016/j. jbef.2020.100275.
Brown, Mike. 2017, September 19. “Millennials: Robo-Advisors or Financial Advisors?” LendEDU Blog. https://lendedu.com/blog/robo-advisors-vsfinancial-advisors/.
Calcagno, Riccardo, and Chiara Monticone. 2015. “Financial Literacy and the Demand for Financial Advice.” Journal of Banking & Finance 50 (January): 363–80. https://doi.org/10.1016/j.jbankfin.2014.03.013.
Cao, Yingxia, Fengmei Gong, and Tong Zeng. 2020. “Antecedents and Consequences of Using Social Media for Personal Finance.” Journal of Financial Counseling and Planning 31 (1): 162–76. http:// dx.doi.org/10.1891/JFCP-18-00049.
Cao, Yingxia, and Jeanny Liu. 2017. “Financial Executive Orientation, Information Source, and Financial Satisfaction of Young Adults.” Journal of Financial Counseling and Planning 28 (1): 5–19. https://doi.org/10.1891/1052-3073.28.1.5
Carlson, Jay P., Leslie H. Vincent, David M. Hardesty, and William O. Bearden. 2009. “Objective and Subjective Knowledge Relationships: A Quantitative Analysis of Consumer Research Findings.” Journal of Consumer Research 35 (5): 864–76. https://doi. org/10.1086/593688.
Top of Form