Business Week looks at the value of Social Networking sites to SME businesses.

Their conclusion? I suppose it has to be ‘could be’.

The sub-headline of the article says it all: 

“….To get the most out of social networking sites, small companies should look past the hype, set concrete business goals, then start experimenting…”

Our experience with a larger client (Poundland) was that using Facebook as a community information point worked well. We posted updates on new store openings, new stock lines and special offers. The customers used it as a way of asking questions of the company and sharing information with the company and among themselves. It also became a place for ex-employees to communicate amongst themselves and catch up with old friends and workmates. It was not used as an advertising platform but as a community where the customers shaped the ongoing conversations. The company already had established communication tools with customers but this opened up a new method and one to a previously difficult to reach group of younger consumers.

Another company (not a client) puts most of her success in building a £2.5m+ business down to the power of social media. Check out the Facebook pages of Wiggly Wigglers, their web site and podcasts. Almost 800 members on Facebook and a monthly audience of over 50k for the podcasts is a great ROI for something that takes them little time and money to update. Heather Gorringe, the MD talks about what she has done and the results.