Small business is a complex element of the country’s economic complex and the least developed sector of the economy, which, however, employs a significant part of the country’s population. The financial sustainability of small enterprises largely depends on their competition with larger enterprises. It is necessary to search for new reserves for the successful development of small businesses.
According to Saura, Reyes-Menéndez, deMatos, and Correia (2021), such a reserve is the Internet, which puts small businesses on a par with large organizations. This is mainly done through the ability to interact with an exclusive target audience. Small entrepreneurs working with Internet platforms get the opportunity to collect analytical data and identify a small niche that large corporations do not occupy.
Two ways that social networking sites such as Twitter can help small businesses are advertising and a tool for communicating with customers. First, in some cases, social networks can become an additional means of communication with the company’s existing customers. According to Qiu, Li, and Lin (2020), this is another opportunity to increase their loyalty and get repeat sales. Secondly, social networks allow the publication of small business advertising offers on their pages. Advertising appears in the form of short messages in the user’s news feed and a separate account.
The modern Yelp platform helps small businesses easily find their customers. An experienced team and a properly completed profile can help take places on the first pages in the Yelp search results in a relatively short time. The correct work of the promotion team in Yelp will help compete with the market leaders and achieve good economic results.
The potential of social networks for business success is almost as good as any other. With proper use, it can do more than the highest-paid marketers. There are many opportunities to use social networks to build a personal brand, which helps the development of small businesses.
References
Qiu, J., Li, Y., & Lin, Z. (2020). Detecting social commerce: n empirical analysis on Yelp. Journal of Electronic Commerce Research, 21(3), 168-179.
Saura, J. R., Reyes-Menéndez, A., deMatos, N., & Correia, M. B. (2021). Identifying startups business opportunities from UGC on Twitter chatting: An exploratory analysis. Journal of Theoretical and Applied Electronic Commerce Research, 6(16), 129-144.