Social Media 's Influence On Business Practices Essay

Social Media 's Influence On Business Practices Essay

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Through the popularity and variety of social media platforms there is a transparency among individuals and businesses that did not exist before. The transparency within businesses allows brands to engage with their consumers, which makes it easier to establish a connection and makes it difficult for businesses to cover up unethical dilemmas. As a result of increased transparency among business practices, consumers want to shop from companies who build ethics into their brand. This trend can be explained by social influence and social media’s ability to communicate norms, how emotions dominate decisions and the motivation to see oneself as good.
Along with transparency within businesses, studies by Forbes and Morgan Stanley have found that brands are shifting their focus on attracting loyal millennial consumers. The research reveals millennials have over $200 billion in buying power and that 53.5% of millennials find brand ethics important. A study done by the Harvard University Institute of Politics found that 83% of millennials are active on social and in addition to a heavy presence on social media, Ypulse discovered that 68% of millennials use social media as their main source of news. With these numbers it is easy to see the influence social media has in the decision making process. An example of this would be documentaries streamed on Netflix in 2014, such as Fed Up and Food Inc., which inspired people to conduct their own experiments that led to the decline in profit for McDonalds. It is shown how consumers allow emotion to dominate decision making rather than facts with a recent event involving President-Elect Donald Trump. Misinformation led to poor feelings of Boeing causing their stock price to immediately drop two dol...


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...ota Pipeline is a clear example of this concept. Once millions of consumers were made aware that they were banking with companies who were funding the widely perceived unethical pipeline, they began withdrawing their accounts and protesting. The banks took notice and changes happened once they began losing millions of dollars’ worth of accounts. GreenPeace.org, posted an article about how the biggest bank in Norway sold its assets in the North Dakota Pipeline project, in hopes of obtaining their customers back. Fortune.com, also posted an article that Wells Fargo is responding to the loss of accounts and protests and has agreed to meet with the elders from the Standing Rock Sioux tribe, to discuss the banks involvement with the pipeline. By more consumers choosing to associate with ethical brands, the more brands must accommodate the wants of a growing market share.

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