Which Social Network Would You Pay For?

Abrams Research

It is obvious businesses are getting comfortable using social networks to promote their brands. However, companies are still trying to figure out which social networks to use and how to use them.

According to Abrams Research 32% of “media leaders” say that they would pay for Facebook, given the choice of purchasing a single social network. However, when asked which social network you should pay for, Twitter beats Facebook at 39%.

See the rest of the results at Tech Crunch

How Businesses use Social Networks (Small Business)

Some may think that only large brands, such as Ikea, Coco-Cola, and Snickers with cult-like followings have a use for social networking.  However, the stories below prove otherwise.  Small business does have a use for social networking - and if done correctly, can increase revenue.

Free Spirit Yacht Cruises

Despite a poor economy Free Spirit Yacht Cruises’ revenue is up 30% from last year.  The co-owner, Angela Motola-Donofrio, feels that the increase in sales is due to the company reaching out to customers on the social networks Facebook and Twitter.

BradsDeals.com

BradsDeals.com didn’t see a need to get involved in Social Networking until the company founder read on Nielsen Online that the greatest growth in age on Social Networks are ages 35 - 49.  Since March 1, 2009 “the company has attracted 2,500 followers through Twitter … and nabbed 1,200 Facebook users …”

The Scion Group

This real estate agency that targets college students recently used Facebook to announce a student designs fashion show.  Because of the Facebook announcement, the show drew a more people than the venue could handle.

These stories are just a few of the success stories of small businesses involved with social networking.  Read the entire Chicago Tribune story.

Social Networks can Generate Buzz for your Brand

Source: nicmcphee

Social Networks are getting more users and traffic than ever before.  What’s more is that people trust the influence of their friends and family over being “sold” on a product through a traditional advertisement.  This shift creates enormous opportunity for businesses as they learn better ways to promote their brands through social interaction.

From the article:

Marketers know the biggest influence on what people buy is recommendations from family and friends — and that circle has got larger thanks to Facebook, MySpace and LinkedIn, which connect individuals with similar interests worldwide.

The “buzz” they generate is about personalities, activities, events, careers and commodities, and that definitely includes what people like to experience, see, use, wear, and taste. No small wonder, businesses are tapping into this medium to promote their products and services.

Read the entire article at FinancialPost.com

Social Networks are Rewriting Advertising Book of Rules

Source: massimobarbieri

Social Networks are rewriting the rules of online advertising.  These changes are being caused by the overwhelming number of users that these sites are receiving and the portability of content over the web with the creation of technologies such as Facebook Connect and and MySpaceID.

From the article:

The change is taking place on social networking sites, where new applications and cross-site partnerships are turning the likes of Facebook and MySpace into one-stop shops for hundreds of millions of users–platforms from which all the Web’s offerings can be reached.

More important, in the next wave of development for such sites, new tools will allow members to take their social-media identities with them when they go to other Web sites. Once wedded to a single networking platform, a member’s “social graph”–password, profile, list of friends–is becoming portable. In other words, as they surf the Web, users increasingly will be able to define themselves by their social network of origin.

That’s big. It signals that Web companies are no longer in a race to build “destination sites” that attract vast numbers of users. Instead, social networking players are racing to extend their influence over the entire Web by exporting their social features to all sites.

…

Advertisers, meanwhile, may eventually stop buying specific ad space on the Web and go after users, wherever they pop up, based on their social profiles and networks.

Read the full article at BusinessWeek