We count on our smartphones for work, school, our personal and social lives. When was the last time you left home without your phone and kept on going? The internet has become a substantial part of our daily lives.  Likewise, has social media. And it is having an impact on today’s teens, mid-age and older people.

Multitasking has become a wonderful theme in our lives. It’s on admiration side as per social media how we manage it all.

Everything has good and bad. Advantages and disadvantages. Opportunities and obstacles. Strengths and weaknesses. Positives and negatives. Pros and cons…

Most of us would not be able to fathom the non-existence of social media, and most do not remember a time when it did not exist. Such is the impact of perhaps the most groundbreaking and comprehensive channels of communication between human beings, Opines Hirav Shah, Business Guru and Astro-Business Strategist.

Pros, For The Rich

1. Global Communication

Social media is for connecting people around the world. It’s the access that a person gets to communicate, transact with, pitch, etc. with anyone irrespective of their location.

It’s quite remarkable how one can start a conversation and build rapport without having physically met or known each other in the past. And the added protection and customer-centric support by many leading companies for people using social media to enhance their activities is much appreciated.

Not to forget, you also get to have followers, lists, subscribers and advertising, which was not possible before the existence of social media. People can now calculate returns per minute, impression or clicks and get more results without leaving their house or office.

2. Connection On Their Own Terms

The rich like to do things on their own terms, work on their own terms. Here, they can connect on their own terms too…

Social media is a great place for them to network and make conversation because the interaction is on their terms. They can control the who, when and how of those conversations and really use them to grow both personally and professionally. Learning how to build positive relationships and business practices via social media can boost confidence and help you be more prepared when face-to-face opportunities arise.

3. Exercising The Freedom To Articulate Thoughts

Social media allows them to think through what they want to say, rather than being forced to blurt something out or struggle through a sentence in regular conversation. They’re able to truly articulate their thoughts and ensure their message is displayed in its truest meaning.

Social media also allows them to connect with people they may not have the opportunity (or the confidence) to converse with in real life. They can spark conversations with peers online and build a solid foundation with one another, so that it’s easier or more comfortable to chat in person.

4. The Possibility To Stay On Top Of Trends

The rich like to stay on top of the world, all the time. Here, there is a chance to stay on top of trends.

Even if they’re not into networking and conversations, social media is still a fundamental tool that allows them to stay on top of current trends, hot topics and industry-based news. Not only that, it can also help them identify possible strategies they could employ for their business, simply through research and observation. Social media is a knowledge hub, and knowledge helps businesses grow.

5.Opportunity For Business Growth

a.Instagram is the best social media platform for brands targeting young, hip demographics. Instagram’s usage also skews toward urban areas, so if their company focuses on digital tech and fashion, this platform is ideal.

Short videos and photos containing short text do very well on the platform. Instagram also integrates with their Twitter and Facebook accounts, meaning they can use the same content across multiple networks.

Mostly influencers, celebs, film, and sports stars use Instagram to the “T” and capitalise Instagram productively.

b. Due to its extensive appeal and reach, Facebook allows the rich to turn their client base into a community. They can create a Facebook page for their business and post appealing behind-the-scenes images of their company. They can also inform their followers of new deals on products and services.

c. Of all the social media platforms, LinkedIn is by far the best when it comes to professional contacts and networking. The platform has a thriving community of approximately 610 million self-reported users, made up of employees and business owners across industries.

Users connect on a professional level, which makes this platform more formal than other social networks and most influencers and decision-makers of the business world are on LinkedIn.

Cons, For The Rich

1. Desperation For Attention

Social media sites can be seen as “highlight reels” of peoples’ lives, meaning that people only post the best elements of their life on Instagram. This can lead to skewed views, and the belief that everyone’s life is better than yours!

As far as people specifically appearing rich, much content on Instagram and Facebook is centred around luxury living and success. Instagram’s algorithm rewards this kind of content because it attracts so much attention and engagement!

Rest assured, it’s mostly an act and people are trying to appear wealthier than they actually are. This can’t be a positive…this certainly is a disadvantage and a negative of social media.

2. Hacking

Most of the influential users of social media sites are not fully aware of the security measures they need to take care of while using social media platforms. They share thoughts, personal experiences, photos, etc on social media sites. Such information can be helpful for hackers to hack their accounts in social media, emails, or even their mobile phone.

Several personal Twitter and Facebook accounts of politicians, film personalities and industrialists have been hacked in the past, which have affected the individuals’ personal lives.

3. Cyberbullying

Since anyone can use and express it on social networking sites, many use it to express hatred and aggression. The public figures are the commonly targeted victims of cyberbullying. Cyberbullying is also associated with depression, anxiety, and an elevated risk of suicidal thoughts.

4. Misleading Information

Fake news and misleading information can go viral in no time on social media platforms. On Facebook, more than 80% of people who react to the link do not read the complete article or content. Due to which many publishers and spammers are misusing the platforms by sharing fake and misleading information.

5. Addiction

The biggest disadvantage of social media is its addiction. Folks have become the servants of social media, literally. They all have developed an unnecessary habit of checking their phones all the time, for any new update on their social media accounts.

Final Thoughts

Everything on the planet has its own pros and cons. Social media is no different. Although it has turned out to be a boon, it does have its own drawbacks. Don’t use social media to impress, use it to impact… Concludes Noted Business Strategist, Advisor and Thought Leader, Hirav Shah.