Are you on Facebook or are you on Friendster? Twitter or Yammer? On LinkedIn anyone? Do you Digg or Delicious it? All of the above?

The most important question: Do you know what all this means or are you confused? In this article, we hope to clear the confusion and help you understand the importance of using these sites for your business.

All the above sites mentioned are called social media sites. Social media is defined as:

The use of Internet destinations to connect with people socially and generate publicity through online communities.

Social media is the most effective way to publish and promote content in the form of press releases, PowerPoint presentations, viral videos, articles, podcasts, photos as well as whitepapers and ebooks.

If you visit and connect with people on these virtual destinations, you are social networking. For business owners, social networking is similar to a business networking event without constraints of time and space. We call it networking on steroids because you can rapidly connect with people globally 24 hours a day.

Social networking is about:

• Building relationships
• Starting conversation & creating word-of-mouth or buzz
• Answering questions/helping others
• Asking questions/trusting recommendations or advice from others

If you share interesting content on social media networks, you will get a bunch of fans and friends who will comment on it, share it, blog about it, tweet it (Twitter lingo), Digg it. Sites like Delicious and Digg are what we call social bookmarking sites. These web sites allow you to nominate and bookmark web pages or information that you think are worthy of attention.

How is this important to your business? By sharing your content, you are going to provide a link back to your hub (a blog or web site). Thus, increasing your visibility, boosting web site traffic, and ultimately growing your business.

It is no longer enough for your site to be visible on search engines such as Google. The key to any Internet marketing is ubiquity: being everywhere across a multitude of web sites. In today’s virtual world, if your business is not transparent online, you do not exist. With perseverance and patience, you will be able to create buzz and soon your online friends will start sending leads and referrals your way.

In summary, how does social media marketing benefit your business?

• Manage your reputation online
• Build recognizable identity or branding of your products or services
• Establish yourself as an expert in your industry
• Create “Buzz” or online conversations about products or services
• Form relationships with customers, prospects, employees, business partners, investors, colleagues, or friends
• Invite positive or critical feedback, dialogue, and discussion
• Speak directly, openly and honestly with your customers
• Articulate your viewpoints, knowledge & expertise pertaining to your industry
• Reach millions of people globally who could potentially become customers
• Set yourself apart from competition

Social media is here to stay so you can no longer afford to ignore it for your business. You can jump on this OPPORTUNITY or sit back and watch your competitors take all the fame and fortune. What steps are you ready to take?