What is the importance/role of Social Media in the success of a business today?

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In recent years, social media platforms have grown to become one of the largest marketing channels.  Almost 58% of the world populations are registered on social media, making it a channel with very a high consumer reach especially since the penetration of social media networks is continuously increasing.
Today, a success of a business is largely dependent on their efficient use of social media platforms due to multiple reasons:
• Businesses can market their product/service via the platforms by using social media advertisement tools and services customized for businesses.  These tools on platforms such as Instagram and Facebook enable a business to create cost effective targeted marketing campaigns. 
• Businesses can study consumer behaviors by observing and analyzing market trends through social media.  
• Businesses that create online marketing campaigns through social media can use the analytics tools offered by the platforms to assess the success of their campaigns through different metrics such as user engagement, growth of audience, and demographics of the audience such as age, location, and gender.  
• Social media channels play an important role in boosting the sales of a business and improving its brand awareness.  Their presence on these digital platforms play an important role in a business’s sales funnel as many users refer to social media platforms when searching for a product.

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