SOCIAL MEDIA IS GOOD FOR BUSINESS

Social networks such as Facebook, Twitter and LinkedIn are being used for more than just networking these days. Many businesses have come up with some creative, real-world ideas to increase their bottom lines. In the last year, on average, companies with high levels of social media activity experienced an 18% increase in revenue, according to the American Marketing Association.

For example KogiBBQ, a Los Angeles mobile food vendor, tweets the next stop-off location to its 38,000-plus followers and typically has hundreds of customers waiting when the truck arrives. Splitends, in California, generated 5-15 new client calls a day after asking customers to write reviews for their beauty salon on Yelp.com. and Naked Pizza, a New Orleans healthful-pizza shop partly own by Mark Cuban, brought in 15% of the day’s business with a single Twitter-exclusive promotion.

However, there are also some potential hidden financial dangers when using a social network. In Chicago Amanda Bonnen complained about mold in her apartment via Twitter Her landlord, Horizon Reality, is currently suing the her for $50,000 plus court fees for defamation of character despite the fact that she only had 17 followers.

SOCIAL MEDIA IS GOOD FOR BUSINESS

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