Local expert weighs in on social media’s new role in commerce + more business news

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What started as a way for college students to stay in touch with each other has exploded into a multi-faceted phenomenon, as social media has grown to play a part in a bevy of everyday faucets of life — including business.

Love it or hate is, social media’s role in business today are significant — from job creation to finding new customers — and we were able to get some deep insight into those roles from the University of North Alabama’s Sanders College of Business & Technology .

Social media’s role — or roles — in business

Whether or not the intention of social media was to drive revenue for businesses, that’s a major part of what the platform does these days. And businesses have started embracing that platform as a vital cog in their operations.

We spoke with adjunct instructor Raysha Rhea from the University of North Alabama’s Sanders College of Business & Technology about how the role of social media has evolved in business, and found that its effect is multi-faceted.

First, the fact that marketing and advertising have moved from being mostly print to almost completely digital over the last decade has positioned social media as a major player in industry.

“Social media provides multiple platforms for businesses to reach a broad audience with targeting potential customers in different ways. Companies can create targeted ads based on demographics, interests and behaviors.

Social media also allows businesses to have better engagement and interactions with customers directly in real-time.”

Raysha Rhea, UNA Sanders College of Business & Technology

Rhea added that the amount of data available through social media analytics tools makes market research easier for companies.

What companies can do to use social media to their advantage

Rhea said businesses can harness the reach and influence of social media by:

• Understanding who your audience is and what their buying behaviors are and create content that will drive those potential customers to your website.
• Creating engaging content that speaks to your audience! The more people that engage with your social media content, the more people will see your content that may not know about your business.
• Posting content regularly to keep your account active on social platforms.
• Running paid campaigns to target current customers and potential customers effectively to drive conversion.

North Alabama bank named top bank in state by Forbes

North Alabama-based Bank Independent was recently named by Forbes Magazine as the top bank in Alabama.

To compile statewide rankings, Forbes surveyed approximately 26,000 U.S. residents who were asked to name all the banks and credit unions where they currently have—and previously had—a checking or savings account and to identify financial institutions they know through the experiences of friends and family.

Survey responses from the last three years were taken into consideration, with recent data and responses from current customers weighted more heavily than the older data and responses from former customers and friends and family.

Additionally, Statista collected online text reviews and ratings written between February 2021 and March 2024 for each bank and credit union. This research accounted for 20 percent of the scoring, while the surveys accounted for 80 percent.

The financial institutions with the highest scores landed on the Forbes list. All told, 185 banks and 207 credit unions were ranked in one or more states.

“Our focus has always been on building strong relationships with our customers and communities. This recognition inspires us to continue striving to be the bank and employer of choice in the communities that we serve.”

Rick Wardlaw, CEO of Bank Independent

Unemployment in Alabama below national numbers

In June, unemployment numbers in Alabama were way below the national rates, as the state reported a 2.9 percent unemployment rate, compared to the national rates of 4.1 percent.

In the Huntsville metro, the unemployment rate in June was up slightly from May, and showed a small increase from June of 2023. Here’s where unemployment stands in North Alabama metros:

Huntsville	June 2024: 2.5%	May 2024: 2.0%	June 2023: 2.3%
Decatur	June 2024: 2.0%	May 2024: 2.4%	June 2023: 2.3%
Florence/Muscle Shoals	June 2024: 3.2%	May 2024: 2.5%	June 2023: 3.1%

Look for our monthly North Alabama business news roundup this time next month, brought to you by the University of North Alabama Sanders College of Business & Technology.

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