Online social networking offers internet users a means of connecting and sharing information with other individuals and groups who share common interests and goals.
Although more popularly known as socializing forums, social networking sites also play a vital role in helping online as well as off line organizations achieve their business goals. Social networking platforms offer businesses a forum for reaching out to potential customers beyond the immediate community.
Social networking sites, especially ‘friend-of-a-friend’ (FOAF) social networking sites such as MySpace and Friendster, are especially designed to directly connect like minded individuals and groups. Members interact with each other using many innovative tools including discussion forums and private or public messages.
An FOAF network typically displays directories featuring people or topics that all members can browse through. Whenever you find another member with similar interests, you can send the member a message requesting to be added to their list of contacts. This gives you the opportunity to meet other like minded users from that member’s network, thereby multiplying your organization’s contacts faster than you could in the real world. With every extra person you add, your network has the potential to expand exponentially.
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In this business tv show, Stefan Tornquist, Research Director at Marketing Sherpa, talks about how being connected to one or more social networks could help you to win big:
“[Another] interesting thing is this land rush in social networking. I think recently I read that over 200,000 networks have started in the last year so this is really starting to mimic the blogging explosion of several years ago and you know I don’t know quite yet if its going to be, I know that its not going to have been worth it for most of those social network creators right because like blogs there are simply too many blog streams, there are too many social networks to, not to join but to be an active member of so like blogs I think most of these are going to go fallow but that doesn’t mean that there’s not an opportunity here because some of them aren’t and I think the currency in, currency in a few years online will be engagement, it already is in many respects and we’re trying to do a better job of measuring what engagement is and if you think about how people engage with social networks there’s an awful lot of, there’s an awful lot of equity built up between the social network and the user.
So if you’re the kind of company that can do a good job developing a small social network for your customers and one that really provides value, it cant simply be become a member of our social network and we’ll let you know when there’s a new product available and its not going to work all that well but if its something that’s compelling enough, complex enough for people to talk about problems and solutions and show how good they are at solving problems, being creative, then there’s the opportunity for a really fertile social network.”
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