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Online social networking is completely changing the way business can be done. Not only in the perceived ‘trendier’ markets geared towards younger people and teenagers, but even in the more traditional, conservative markets. Wikipedia has a page for social  networking and specifically references its business applications. It reads the following:

Business applications

Social networks connect people at low cost; this can be beneficial for entrepreneurs and small businesses looking to expand their contact base. These networks often act as a customer relationship management tool for companies selling products and services. Companies can also use social networks for advertising in the form of banners and text ads. Since businesses operate globally, social networks can make it easier to keep in touch with contacts around the world.

Most people know of the usual suspects – Friendster, MySpace, bebo, Facebook, Linked In and other social networking sites dedicated to “business networking.” I know of a few business owners who have made use of these tools – started groups to get people together, started discussion boards inside these groups and taken full advantage of the ease of connecting.  Unfortunately, I have yet to take advantage of this kind of social networking, but often think I should and wonder how exactly it would benefit me.

Have any of you taken advantage of these new tools to connect, share, discuss, brainstorm, etc? Has it helped your business and if so, how?

 --Sumi Krishnan is the President & CEO of K4 Solutions, Inc.