For my Honors Mentorship Capstone project, I decided to compare and contrast how social media in marketing has changed from 2005 to 2015. I decided to do this because I use social media every day in my mentorship. This topic also seems very interesting to me because I have seen how technology and social media has changed in my life and those around me. I want to know how it has changed from the business aspect. Knowing more about this topic will help me better understand how much of an impact social media presence has on a business. This will also allow me to conduct the same research again as I’m beginning my career in 5 years.

     While there was a lot for me to learn during the research project, there were some things I already knew and assumed. I did know that marketing has developed immensely since new technology has become prevalent. Most businesses have also jumped on the social media bandwagon by now. From mentoring at Habitat for Humanity, I have learned that each business tailors what they post to east site depending on what social media outlet it is. For example, something on tweeted won’t be able to be posted on LinkedIn. This is because the two have very different atmospheres. Also, certain businesses might completely overlook some social media outlets because it wouldn’t make sense for the company to use it. I also have made some assumptions. For example, I assumed social media has provided some businesses with breakthroughs. Whether it be the start of a company or the expansion of an already existing company, all due to the marketing possibilities that social media provided. I also assumed that companies were able to change the way they market. Before social media, they were able to run the same commercial for weeks at a time or leave a billboard unchanged. Now, companies have to create different ads for each post they make. They can’t use the same one day after day.

     During my search for my research, I consulted many different sources. I found magazine articles, excerpts from books, infographics, and I even interviewed the Senior Marketing Manager of AT&T, Tammy Williams. The interview shed light on a lot that I did not realize. She stated that the budget for marketing had increased much and more money was being allocated to social media than ever before. She said that this was because they still have to hire big name talents and they have to have diverse advertising campaigns. Printing costs have decreased but the caliber of commercials and budgets have increased. I also conducted some of my own research at my mentorship. I compared how much of a presence big ReStores had on social media to smaller ReStores. I also compared how well they did and if it was correlated to their social media usage. One article I obtained a lot of useful information from was the Entrepreneur Magazine. While I do believe there was some bias within the article, I think it helped me understand the topic more. It came from the standpoint of an business professional explaining why businesses needed social media. In the article, I found a quote from Charlene Li, a leading social media expert, that stated, “if companies do not get on the social media bandwagon soon-- within three to five years-- will not survive.” The book excerpt I found came from the standpoint of a business owner that had jumped on the social media bandwagon. He argued that the transition to social media was slow because there was a large time commitment and it was nearly impossible to compute the ROI. However, today, nearly 90% of marketers agree that social media is important to their business. When I combined these two sources, I feel like I was able to get a viewpoint from both sides of the topic. I have used social media metrics and infographics to my advantage as well. I was able to find a chart with social media metrics in it and it provided me with all of the statistical data I needed. I discovered that page traffic has increased but actual revenue, profit per customer and ROI has decreased since the emergence of social media. I found multiple companies that posted their metrics online, which helped me understand how and why different companies value different social media outlets. Companies that target the younger generation, used Instagram and Twitter more than companies targeting older generations. They tend to use Facebook more. Throughout the research process, I learned that there was a drastic impact on marketing due to social media over the course of ten years. Not only has it become easier to market, but it has also decreased profit per customer even though it increases page views and clicks.

    After all of my research was completed, I realized that some things I assumed were completely wrong. For example, companies have not decreased marketing budgets over the course of the past ten years like I thought they had. I also assumed social media has been used to start or expand companies, I found that this was correct. Dell launched social media campaigns to try to reverse their negative reputation in 2006. This has allowed for them to continue to grow their company and who knows, maybe even prevent it from going under.

     I also assumed that there were many more users on social media and I was correct. The amount of monthly twitter users has increased from 23.5 million in 2009 to 87.4 monthly users in 2015. Along with this rise in users, companies have had to learn Twitter “language.” They have had to educate themselves in the use of hashtags, retweets, and mentions in order to expand their brand. As consumers began to use social media, businesses have increased their usage as well. In 2007, when very few social media platforms were developed, only 15% of businesses thought being on social media was beneficial. By 2012, when most of the current platforms were being introduced, nearly 91% of businesses were using social media in their marketing strategy.

Social media has allowed companies to use their page and their employees pages to promote their company. This has saved one call center for a blood bank in Canton, Ohio nearly $200,000 in one year. This is because so many people believe their friends’ profiles are accurate sources of information about a company, they value opinions of others. Once someone saw an employee posting about the call center, they were able to cut the amount of calls they made. Less calls meant less time which means less money in the world of business.

     Monitoring networks and continually posting is crucial for businesses, no matter the size. While there is a lot of work that goes into social media upkeep, the benefits far outweigh it. The environment of social media is conducive to persuasion and companies can target specific demographics and reach more people instantly. Social media has helped break down walls between departments that were previously indestructible. Customers are able to communicate with product development so they know what to fix and they can communicate to the marketing department to specify what needs to be marketed about the product.

     I will be able to apply all of my research to real life. I now know that while social media has increased, revenue hasn’t necessarily gone up. I now understand that ROI is directly correlated to the amount a company posts on social media platforms. So even if it seems like a good idea to just post pictures I took on social media, that isn’t really a good way to gain customers or increase revenue. I am also excited to see social media in a couple of years. I know that social media has developed along with technology and technology is always changing. I hope to conduct the same project in another 5 years, using the data that I have gathered from this project. I have data from 2005, 2010, and 2015. If I do the research again in 5 years, I will just be beginning my career and hopefully I will be able to actually apply it to the company I’m working for. The research process has been a very fun process for me and I am already looking forward to conduct more research on the topic throughout college and my marketing career. Just as technology is expanding, I will always be able to expand my knowledge in social media and changes in marketing.