Why use social networking to gain profit for your business?

Social networking is a great way to get in touch with friends and your loved ones but if used wisely it could also be a great tool to gain profit for your business. Many business owners are already using these sites to their advantage so they can gain more profit and also interact with customers. If you have not joined a social networking site for your business yet then here are some reasons for you to join and ensure more profit for your business:
• Communication, updating and live interaction- joining friendster, twitter, may space or any other networking sites would make it easier for you to update and communicate with your customers. Getting personal and doing a live update with your customers would make network loyal customers. It is proven that if customers feel like they have more access to you or if you gave the impression that you conduct business on a personal level then they tend to conduct more transaction with you.
• Product development and research - improving your product and business is always a priority especially if you want our business to last for a long period of time. Consumers always go for quality and many companies spend a huge amount of money to get to know what the market wants to be able to sell more. You can add surveys, polls, discussion boards, feedbacks and customer votes that would let you know what your customer thinks. Not only does it gives you chance to get to know the opinions of your customer but it also give you an idea of your target market and demographics. You can even ask simple stuff like colors and presentation to your network that would help your product sell more.
• Free advertisement- everyday internet users keep on growing and networking is made easier than ever. You can easily post photos and videos that internet users can access. Much love to look at photos and watch videos and it is an effective way to advertise your product. Posting photos of your customers would drive interest as well for visitors to visit your profile to know if somebody you know knows them. It is also a great idea to post discounts, coupons and free trials for your customer on the site. It's also a great way to drive customers on your shop on a slow day. Like when you post coupons and discounts for that slow day. After all who does not love bargains.
• Cost - probably the cheapest way to promote your business is by social media, most sites are free to join and all you need is extra time to maintain it.
Social networking sites are a win win solution for you and your business. Making the most of it definitely ensures more gain and no loss.