Importance of Social Media in Business Firm in Palestine & its Effects
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Social media has provided new opportunities to businesses to engage customers through social interaction while creating leads and generating sales. No study has been conducted to identify the importance of social media and how social media has affected the marketing strategies of business firms in Palestine. 80 social media marketing experts were surveyed through a closed ended questionnaire in Palestine to find out the impact of social media on customer relationship building and sale volume of the businesses firms. Through regression and Pearson Correlation analysis, it is found that type of social media has insignificant correlation with social media for network building (r = .010), to attract potential customers (r = .003), and to engage customers (r = .069), whereas it has significant positive correlation with social media to communicate with customers (r = .104). Similarly, type of social media has a significantly positive correlation with the variables i.e. high sale (r = .215) and high rate of return on investment (r = .180).