Media has been all abuzz about online social networking in the past couple of years. While it has been around in some form or another since the early 90s, it wasn’t until sites like MySpace hit that people really started to take notice. Now you can find social networking sites everywhere – and most people you meet will belong to at least one social networking site, if not more.

But how can social networking help your business?

Social networking is just that – networking. It allows you the opportunity to connect with people. People who may be in need of your products or services. People who may have something that you need. People who may be able to work with you for the benefit of you both. People who can introduce you to other people who need your products/services, have products/services you need, or can work with you. Maybe not right at this point; maybe you will have to wait a few years. But at some point, each of these people could offer something that you could benefit from in some way.

Keep in mind that social networking sites only work if you actually USE them. Sure, signing up and creating a profile is great, but unless you actually use it to connect to other people who may become potential customers, partners or suppliers, then you’ll find that you aren’t getting any results from it.

What social networking sites should you use?

Facebook allows you to create “Pages” (profiles for your company) – usually this allows people to sign up as “a fan” of your business. While this works for some companies in certain industries, it may not work for everyone. Pages can contain discussion boards, photo albums, videos, and any other number of applications. This could definitely be beneficial to you if you have a unique product, or a very dedicated customer base. I’ve seen it work very well for fabric designers, publishing companies and home accessories, and others.

LinkedIn is a social networking site for business professionals. You can create a network of people you know, which allows you to connect to the contacts of people in your network. There are also groups relating to specific regions, industries, or types of businesses that you can join.

Twitter seems to be one of the most popular social networking sites at the moment. It’s a microblogging site, that allows you to post updates that are up to 140 characters, and keep updated on what the people in your network on Twitter are posting about. This is useful if you are looking for continuous communication at all times with people in your industry, or with current or potential customers.

Then there are always the social networking sites that are dedicated to specific industries in certain regions (such as the Waterloo Manufacturing Innovation Network). These sites are definitely some of the most useful – you get connected to businesses that are closest to you in proximity, or that are most likely to relate to you.

What social networking tools do you use to promote your business?