Social networks are thriving, leading to a new development of “business social networks” which are changing the way business is conducted.
Ryan Moss
Media Coordinator
In each of the past couple of years social networks have become increasingly popular. Businesses have noticed this trend and are spending more money on social network advertising. eMarketer predicts that U.S. advertisers will spend $40 million on social network advertising in 2008. That amount is expected to steadily increase during subsequent years to the point where in 2012 it will reach $210 million.
The increase in advertising on social networks is a direct result of the dramatic increase in the overall number of users and networks. These networks are no longer being used strictly for social purposes and are now used for business purposes. In fact, in the next few years many businesses are expected to create their own networks which can be used to improve communication by tying together clients, partners, suppliers and vendors.
The shift to "business social networks" can be seen with LinkedIn, who has had its number of members more than double in the past year. There has also been an increase in the amount of "vertical industry business social networks." Networks such as ITtoolbox, Legal OnRamp and LawLink bring together professionals in the same industry. Even Facebook is following the trend by partnering with Visa in June 2008 to offer an application that helps small businesses network and interact with each other.
These new "business social networks" will greatly effect how people develop professional relationships, search for jobs and communicate B2B.
Tags: B2B Communication, Business Social Network, Facebook, online advertising, Online Networking, Social Network Advertising, social networks
