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Social Media and Public Relations go hand in hand. If your company is big enough to gather media attention, then every major decision or rumor that is being falsely thrown around must be handled by a press release. In Social Media, it is more about generating a buzz. You can also inform your fans about major decisions but it has to be short and worth their time reading and not complicated to understand.
Basically, Public Relations is a company's way of controlling what is being said about it in the media before the media takes control of it. You never want the media to take control of any information about the company especially if it is negative information because the company's reputation is on the line and investors are always reading the news about the company to check and see if they should hold their stocks or sell.
For Social Media, it is more about developing a relationship with new and existing customers and making sure that your customer stays happy and develops a loyal relationship with the company.
