Is it worth my companies' time to start engaging on social networking sites?

Lindsay, I have seen first hand how well Social Media can work for marketing a company, if it is done right.
It will take time, especially if you do not have 1 or 2 people that are "specialists" in social media, but there are a number of good examples (nationally and locally) that you can look at to see success stories.
Do some research on what other companies are doing (especially competitors) and determine how your company's brand can be promoted on social media.
Please feel free to email/contact me and I can send you some great links to stories I have read about Social Media success stories.

Like any marketing, social networking can be useful and effective if probably approached. For example, you can develop a great magazine ad, but if you put it in the wrong magazine (i.e. a steak ad in a vegan magazine), it doesn't do you much good.

The same goes with social networking. Social networking can be a very powerful tool for marketing your company. But you need to go in with a strategy and goals. Sites like Facebook are adding a robust set of users of all ages and demographics. And there are lots of options for what to do. I think one of the most positive aspects is that this activity helps you in your overall Internet presence (i.e. your Google ranking).

Bottom line, yes, it can be effective in measurable terms when handled with a good marketing strategy.

I'd say yes in any different ways. There are so many situations I could not begin to describe them all. How about one: how well are the public acquainted with your product/service, what is their opinion of the value and ethics, and here's an opportunity to correct their misperceptions or correct what you may see as a less efficient approach. I use Facebook, my Myspace is in Norwegian which I don't know the word for "language setting to change back"

Or maybe, you like that band too, cool! I work at where do you work?

I'd need to borrow a macbook pro to throw a full blown 30 minute video
together to do it right.

Lindsey,
Perhaps the question should be "In the current economic climate can you afford not to utilise social networking sites to target potential clients?" Depending on what you are trying to achieve it can be an easy way to reach a huge audience. Given the right message appropriate to the audience of that network - preferably an engaging or interactive application or video that individuals will want to share (viral) the product will virtually market itself - cheaper than TV, and more memorable with wider distribution than print.

Don't jump on the bandwagon just because other do - use it because you're confident it's a good solution for your products and target audience.

Trevor, Let me ask you a question:

Do you think a PR specialist is worth having in an organization?

If you said yes to this question, you should rethink the way you view Social Medias. 10 years ago, your PR specialist would get you hooked with members of the press to get your brand some coverage. Today’s PR Specialist deals directly with your customers; there is no more middle man. He/She seeks to engage the target.

Let's play : say you’re a wine producer and I'm your PR girl. Your product is a Merlot reasonably priced and my job is to create awareness for your brand -ABC Merlot- while spreading the winery's vision.

I start by scanning the Web. I have a list of websites, blogs, forums, social Medias that I follow closely. I am on the prowl for opportunities where I can contribute content. As an example, follow the link http://www.gourmet.com/winespiritsbeer/2008/03/wineingredients to Gourmet Magazine. By replying to this post I have an opportunity to share the Winery's tradition for making wine with absolutely no preservative.

Next, let's go to Facebook ( http://www.facebook.com/groups.php?ref=sb#/pages/Wine-Tasting/96692642820?ref=s ) where I follow "Wine Tasting" and contribute with posts to enhance knowledge and promote my product. My goal in Facebook is to see members of Wine Tasting become fan of ABC Merlot . Because of an Invite from Facebook, I am aware that the New Jersey Wine Tasting Club will host a charitable wine tasting . I hook up with organizers and offer a sponsorship. This is an opportunity to create a direct relation with customers. At the tasting I will distribute hand-outs coupons to attendees promoting a drawing for a trip to France. A Viral component such as "send this email to a friend and he will join you in" will help get new consumers on-board.

I will support the event by Tweeting it and mention it on ABC's website and newsletter.

I am not done just yet, ABC's winery believes that wine should be made the traditional way. Let's write a white paper on the subject. That white paper will be supported by a ppt distributed through Slide Share. While we're at it, let's make a video about our vision for YouTube and Daily Motion. The audio will be available as a podcast on ITunes & podcast.com. All of those actions are linked to ABC’s website and Facebook group/page as well as other social media where ABC is active.

Remember the local wine tasting sponsored ? Many of the attendees joined our website community. Learning throught RSS feed of our video launch, they shared it with their members . Again, ABC new customers acquisition.

Althought, this is all fiction it demonstrates what you can achieve by going social.

What about the RIO? Here, metrics need to be followed closely. For instance, metrics following the charitable event, will tell you all how many people took part to the contest, how long after the event do they visit, date and time of visit, where do they go in the website, how long they stay, etc.
.
Can you really get that kind of data with push marketing? That's concrete results and something you can strategize with

This post reveals some of what can be done through the web and social media. It’s all about content and the M.A.N.E., an acronym I created to express what matters:

M – Metric: understand it, use it, and build around it;

A – Adhesion: if you don’t care about what your website and you put on the Web, no one will. Be involved and aware of what his put on the Web and contribute;

N – New or news: Think of your website as a daily paper of a monthly magazine. Create content like you would if you had to put together an editorial agenda.

E- Engagement: Don’t be scared to engage with your customer. Your website and your social actions are virtual handshakes.

Hoping this helps. Good luck.

Louise Branchaud
Interactive Marketing Strategist

We utilize social media for clients that know their target audiences and where there is a true fit. We always make sure the media we use for clients fits into the over-all plan before we engage in the use of the medium.

If you decide to use social media, make sure you have a plan and measurable objectives. Also make sure that the social medium's demographics meet the needs of your company. Demographics on MySpace are different from those of FaceBook. Linked In's demographics are heavy on professionals. Many companies fail because they haven't treated social media the way they treat the other marketing tactic they employ. You need to target. You need to find a way to measure results. You need to know exactly what you wish to get in return for the time spent in working the social networks. Plan, plan, plan!

Pat Hartman, APR
Imagery Marketing & Research Consultants, Inc.
A Virtual Agency

Businesses have social networking all wrong. They spend too much time driving traffic to their Facebook and Twitter profiles. Well, both social media sites are laughing all of the way to the bank. But what traffic does your website receive? Likely, not much.
Switch the thought process around and go to these sites and put as much passion and energy into driving visitors to your business website.

Know do not go onto social networking sites use traffic exchanges like easyhits4u