Yes, there are many studies that have been conducted on the impact of social media on businesses. According to a study by RAVE Chat, social media can have a significant impact on business growth in three key areas: brand building and increasing brand visibility among potential customers, improving omnichannel engagement and providing consistent experiences for customers across channels, and increasing sales and improving brand loyalty.
Another study found that social media can help companies increase business exposure, traffic, and provide marketplace insight⁵. Social media also supports business decision processes and helps to improve companies’ performance.
From customer care to research to recruitment efforts, the impact of social media extends to every aspect of your business.