Social Networking Goes Corporate

08/18/2008

Internet marketing experts have concluded that yes, business and socializing do mix. What accounts for this inference?

Quite simply, a clear indication is the many workers who are taking advantage of social networks to advance their careers and the number of advertisers who are spending money to reach the business audience.

In 2008 alone, it is projected that business will spend $40 million on online social networks to reach out to the business niche. This is expected to grow to over $200 million by 2012.

One of the best examples of the effectiveness of the medium is the popularity of LinkedIn, a social network for professionals. Its audience has more than doubled in one year.

Networks like LinkedIn are an effective, multi-purpose outlet for businesses. They can be used to enhance product development and communicate with customers, for example.

This may account for why there are similar networks/verticals coming online aimed at practically every professional sector. Take, for example, ITtoolbox aimed at IT professionals, it has 1.3 million members. For legal professionals, there's Legal OnRamp and LawLink. Even creative types have a network, e.g., Reel-Exchange. This vertical is for video and film professionals.

While sites like Facebook are not thought of in the same genre as a LinkedIn, it has become so by virtue of how many are choosing to use it. Many business professionals (as opposed to social users) have put up Facebook profiles in the last year. Realizing the potential, the site jumped on the business bandwagon, entering an alliance with Visa. Hence, now on Facebook, you will find the Visa Business Network for small businesses.

The fast-growing popularity of social networking sites make them hard to ignore for the business community. And, they've taken advantage of it by joining in the fray -- but with a business twist.

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