Social Networking....Is it hype or a real business tool?

Social networks focuses on building online communities based on common interests and activities. For years social networking sites have been used as a place where friends have been able to communicate online, share information about themselves, upload their photos and videos and join groups. In this blog entry what I am going to discuss is whether social networking sites can be used as a real business tool...

Let me first begin with the social networking site that i am most familiar with, Facebook. I have noticed an increasing amount of local business who have set up an account and added me as their "friend" along with people who have joined specific networks for example the NUIGalway network. This has allowed these businesses to spread the word about their products, events, offers to an ever growing community at very little cost and at very little effort. Businesses can use facebook as their very own broadcasting channel. For Example A company called bazaarvoice used facebook to aid in their recruiting campaign. They got all their employees to post "Bazaarvoice is hiring" on their facebook profiles and twitter. They averaged 180 visits per day to their jobs page. The day they did their Social Network recruiting campaign they got over 1,600 visits the first day, and then over 500 each of the next two days.

Facebook is a social networking site that was created without the intention of it being used as a business tool. Others however have been created with businesses in mind. LinkedIn is such a networking site that is used for professional networking. With over 48 million members LinkedIn connects you to your trusted contacts and helps you exchange knowledge, ideas, and opportunities with a broader network of professionals. This can only be a helpful tool for businesses and employees.

Social networking is just an alternative way of communicating. It has a large audience and is very cost effective. It is a place to demonstrate your expertise to people and raise awareness. Its a place for contacting existing and potential customers. With the ultimate aim to put your product or services out there infront of your customers, this is precisely what social networking does.