Social Media

What is 'Social Media'

Internet-based software and interfaces that allow individuals to interact with one another, exchanging details about their lives such as biographical data, professional information, personal photos and up-to-the-minute thoughts.


Social media originated as strictly a personal tool that people used to interact with friends and family but were later adopted by businesses that wanted to take advantage of a popular new communication method to reach out to customers, for example, by informing them of sales and offering them special coupons.

BREAKING DOWN 'Social Media'

Through social media, anyone with internet access can interact with millions of people online. It is not necessary to be a journalist, a politician, a CEO or to hold any other position that was traditionally necessary to be able to disseminate one's thoughts or ideas to a wide audience.

RELATED TERMS
  1. Interactive Media

    A method of communication in which the program's outputs depend ...
  2. Social Media Optimization (SMO)

    The use of social media networks to develop and manage an organization’s ...
  3. Social Media Marketing (SMM)

    The use of social media websites and social networks to market ...
  4. Social Sentiment Indicator

    A measurement based on aggregated social media data that helps ...
  5. Social Networking

    The use of internet-based social media programs to make connections ...
  6. Customer Relationship Management ...

    The principles, practices, and guidelines that an organization ...
Related Articles
  1. Entrepreneurship

    Implementing A Small Business Social Media Strategy: Introduction

    As social media continues to change the way people communicate, it has become an increasingly important tool for small businesses.
  2. Financial Advisor Technology

    Advisors: How to Ask Friends for Social Media Help

    Social media can be a difficult endeavor for those who didn’t grow up around technology, but younger friends and family can help quickly fill the void.
  3. Entrepreneurship

    Implementing A Small Business Social Media Strategy: Build And Develop Your Social Media Presence

    Once you have selected the social media platforms that are most appropriate for your business and have made decisions regarding the type and frequency of your content, it’s time to establish ...
  4. Investing Basics

    Social Media: High Risk, High Potential Returns

    Carefully selecting social media ETFs can provide you with the opportunity to diversify your portfolio and enjoy financial rewards due to user growth.
  5. Entrepreneurship

    Implementing A Small Business Social Media Strategy: Hiring A Social Media Manager

    As your online presence develops, you may find that you no longer have adequate time (or energy) to devote to social media. If you are fortunate enough to have created vibrant and active social ...
  6. Entrepreneurship

    Implementing A Small Business Social Media Strategy: Define Your Target Audience

    Going hand in hand with establishing your social media goals is defining your target audience.
  7. Investing

    The Most Successful Brands On Social Media

    What major firms have managed to take advantage of the massive monetizing potential presented by social media?
  8. Financial Advisor Technology

    Advisors: How to Make Social Media Work for You

    Most financial advisors today are using social media to help build their client base. Here are some tested basic guidelines on how to get started.
  9. Professionals

    Financial Advisors: Social Media Is a Gold Mine (FB, TWTR)

    Learn how social media is a gold mine for financial advisers. Maintaining a social media presence enables you to reach customers, and it provides social proof.
  10. Entrepreneurship

    How Important Is Social Media For Your Company?

    Freelancers and marketing agencies are just some of the resources companies are now using to develop their social media.
RELATED FAQS
  1. How has the popularity of online gaming affected the internet sector?

    Discover how the increasingly popularity of online gaming has directly affected and fundamentally transformed the Internet ... Read Answer >>
  2. Why is social responsibility important to a business?

    Take social responsibility seriously, and your business could benefit from happier, more productive staff members while helping ... Read Answer >>
  3. What are the most common scams regarding Social Security benefits?

    Learn about some of the most common Social Security scams that occur by phone, email and direct mail, and how to recognize ... Read Answer >>
  4. How much of the profitability in the Internet sector is concentrated in the few major ...

    See how much profitability of the Internet sector is concentrated, and where the most value from Internet-based services ... Read Answer >>
  5. What is a power ratio?

    A power ratio is a method used by media companies to measure revenue performance compared to the audience share it controls. ... Read Answer >>
  6. What is the Social Security administration responsible for?

    Learn about the Social Security Administration's main responsibilities along with its history, structure and social safety ... Read Answer >>
Hot Definitions
  1. Law Of Demand

    A microeconomic law that states that, all other factors being equal, as the price of a good or service increases, consumer ...
  2. Cost Of Debt

    The effective rate that a company pays on its current debt. This can be measured in either before- or after-tax returns; ...
  3. Yield Curve

    A line that plots the interest rates, at a set point in time, of bonds having equal credit quality, but differing maturity ...
  4. Stop-Limit Order

    An order placed with a broker that combines the features of stop order with those of a limit order. A stop-limit order will ...
  5. Keynesian Economics

    An economic theory of total spending in the economy and its effects on output and inflation. Keynesian economics was developed ...
  6. Society for Worldwide Interbank Financial Telecommunications ...

    A member-owned cooperative that provides safe and secure financial transactions for its members. Established in 1973, the ...
Trading Center