The groups that gravitate to social networking for business success are usually the businesses that deal with entertainment. In fact, if the client has the right amount of fame, then it is very easy to build up a client base. However, most entertainment companies love to use social media because their product fits right into the platform. Social media is mostly about entertainment and there are no better experts at entertainment than those who work in the industry.
Word of mouth is the driving force of a lot of businesses. This is especially true in the entertainment business. Entertainment relies on this form of marketing once the original push of advertisements has run their course. Entertainment relies on the strength of the product to drive higher revenues and more viewership. This, of course, can be greatly enhanced by the use of social media. Companies will pay people to talk about their products and they will spend money to give things away to get more people talking about their product on the social media platforms.
These businesses may also encourage their clients to use the social media systems themselves. This is because the actors and actresses in the entertainment business generate fans who want to hear more from their favorite actress or actor. The ability of the client to use the social media platform gives the movie further advertising. This is all pluses for an entertainment company that looks to grab whatever advertising it can especially when it is cheap advertising (or free in this case).
These businesses may also petition for new actresses or actors to work with them through the social media profiles. It is not unusual for an agent to try to convince a person to leave their current representation for another competitor through a direct message or social media post. This allows a company to gauge the interest of an actress or actor before they commit man-hours or money into swaying the mind of that prospective client.
Another underused resource that entertainment companies are good at using is the testing a movie’s trailer before releasing the movie. This lets the company know if they are spending their money in the right place before needing to spend the money. Market research is always important in any business. This is especially true when the amount of investment needed to make the asset can be over 4 million dollars.
In closing, most entertainment companies are on social media outlets. These outlets allow them to work quickly and find new prospects to work with on a daily basis. They can also see what is hot in the market and make plans to monetize those trends quickly. They also use their employees existing networks of fans and followers to advertise their products (movies).
Every business can learn a lot from the practices of entertainment companies. There are many uses far beyond what the normal businesses use them to do. A business could recruit new employees through the system, they could also test new products before allocating funds for those products, and they could also pitch their services or products there (this is a standard practice). Every business needs to look at the way entertainment businesses use social media and implement it into their own practices.