Compare and contrast how social media varies from traditional media

Compare and contrast how social media varies from traditional media. Outline the qualitative and quantitative indicators proposed by Peter (2013) for evaluating the success of social media.
Today’s youth spend ¼ of their waking hours using their smartphones. Nearly half of the world’s 4.55 billion people use more than two social media accounts on a daily basis. This is the main reason why social media reaches maximum spectators (Puri et al., 2020). On the other hand, the spectators of the traditional media are generally more targeted as this form of media is a one-way conversation, and social media imposes a two-way conversation. The demographic information in social media often possesses unreliable and unrealistic content. On the other hand, information found in the traditional media is often observed to be accurate. In case a photograph or any kind of information which is already uploaded on social media can be modified, even after the processing is complete (Talwar et al., 2019). In traditional media, once the article or the content is published, it can not be edited or modified; however, traditional media are not as versatile as social media. The immediate processing action can be taken in social media, whereas processing in traditional media is often delayed because of the timing of the press.
According to Tarabieh (2017), social media is currently dominating the current world. It is considered as the mainstream media as well. Traditional media covers the old media channels such as television, radio, newspaper, etc. The marketing done through television and radio is marketing done through traditional channels. Social media covers a wide range of websites and applications that are available on social networking sites. This electronic mode of communication allows users to actively create, share and receive information, messages, and content. However, traditional media can be used to market and broadcast information, and it does not allow engagement of any kind. The sender or the source is the sole owner that decides what to broadcast. Stefanone et al. (2019) argue that although with the help of traditional media, it is possible to reach a wide range of people, and information can be spread easily. Social media, on the contrary, allows two-way communication and conversation, which is the strongest point of social media. One enjoys a lot of freedom in social media as they are able to spread information and gather information from wherever and whenever they want. Engagement and interaction are the keys to social media, whereas reach is something that traditional media holds. To make a mark in social media, one has to develop content that will grab the attention of the public. Due to the easy accessibility to social media, it becomes easy for anyone to make a mark in the field. At the same time, information received from traditional media is considered to be verified and authentic.
Morra et al. (2017) state when comparing social media to traditional media, there are several factors that need to be taken into consideration. In terms of the cost associated with social media, it is comparatively less expensive. By paying a very small amount as compared to that of traditional media, one can reach a wider range of audiences in the current world scenario. Social media also allows one to identify the target that one aims to reach in a very efficient manner. The cost per thousand impressions (CPM) is somewhere around $3 or even less. Whereas the CPM, when compared to radio and traditional, is way too much, standing at $10 and $28 respectively. Traditional media takes a cannon approach where they throw a message and hope it will reach the consumers. Whereas in social media, the accuracy levels are pretty high as it helps to precisely reach the demographics one aims at. Hong and Zhang (2020) hold the view that one of the biggest factors that determine the difference between social media and traditional media is trust. The content in social media is often unverified and lacks authenticity; also, one has to work on developing the trust of the consumers over time. Traditional marketing, on the other hand, is comparatively more reliable as it comes from first-hand interviews, and also it presents opinions that help users to establish their own views accordingly. This lack of authenticity and reliability often affects the market of social media immensely, which leads to another factor that is an image. Social media can make or break an image of a brand based on the feedback received.

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