The impact of social media on business performance in Sri Lanka

Abstract

Social media are gaining popularity and are increasingly used in operations of many companies, including small, medium-sized, and large organizations. It is new business area in marketing that has businesses, organizations and brands jumping make friends, connections and followers; and build communities in the virtual space. The objective of this research is to explore the impact of social media and to analyze to what extent social media have impact on organizational capabilities and business performance. A qualitative and quantitative research study was conducted. Social media can be used for internal communications as well as a method of engaging with both existing and potential new customers. It states that the real business revolution occurs in the arrival of several social media sites, such as LinkedIn, Face book, and Twitter. It also discusses the use of social media websites in businesses. The research data will be collected through secondary and primary method. Mail questionnaire, interviews and surveys used for this. Companies that invested early to harness the power of social media claim higher returns, with even greater gains predicted to be on the way.