Friday, October 24, 2008

Social Networking - Is It A Good Business Strategy?

MySpace, Facebook, LinkedIn, Second Life, GigPark, craigslist, Flickr, Meetup, Friendster, Twitter, YouTube, blogging...

You can certainly make an unlimited number of contacts, but is the time and effort required to make it happen justified by a corresponding increase in sales?

How many places do you need to be and how often? Word on the street tells me that unless you are blogging at least 3 times a week or more, people will begin to loose interest. Do you have the resources to sustain the level of communication needed to maintain and grow your audience.

I would really like to hear from business owners who have stepped into the social networking arena to relate their experiences, both positive and negative. We have all heard of the wild success of a few businesses, but overall is it a good strategy or is it industry or business specific?

I am not sure so I pose the question.

Richard

1 comment:

  1. As a new entrepreneur, I have jumped on the Internet networking bandwagon.

    Internet networking is different from in-person meetings for several reasons. One is that most of the contacts don't live in the same country or area as you do. Secondly, it's hard to keep on top of all the emails and attachments. You add people to your contact list and then what? Many are trying to sell their service or product - especially how to market yourself more successfully.

    Then you join another network and another and then you can't remember which ones you joined and lose track.

    I find joining specific clubs on the Internet helpful, because you have a common focus - like an IT or disability or Canadian club.

    I believe Internet networking does have its uses; however, it's like buying a tool - you have to know how to use it to get any benefit out of it. You also have to restrict the time you spend on it.

    I was successful in connecting with a contact in person, but that was because I was referred to him by someone at a networking event. Overall, I find in-person networking events more effective than Internet networking.

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