The concept of Social Networking is not new by Internet standards. It has been around for a while and as with anything that becomes popular, people are making money off it as well. If you are new to the scene or are not involved in business you may wonder how something like Facebook or Twitter could help you make money.
Well consider this; Social networking is about making contact with someone else. Once the other person has added you as a friend, you have access to whole load of information about that person. This is something that most businesses don’t have access to and crave for because they can then profile their customers and better understand them. This also enables businesses to have a dialogue with their customers and get firsthand feedback which in normal circumstances does not happen. It also helps a business to create a relationship with its customers and therefore ensure that they retain them for a long time.
However, the process of building relationships and harnessing the information is a long and tricky one. Businesses should be careful in their approach. If they start pushing their products constantly then the contacts they have will start blocking them off. The first rule in this whole process is not to spam. By offering help with their products, giving away freebies, giving out lots of information, etc the relationship can be built up. While this goes on, pushing the product in a very subtle way is the advisable method.
The best part about this method is that, other than getting a person or team working on this, there is no other cost involved, making this an extremely cost effective way of increasing sales.