The age of social networking is more than upon us-it is becoming ingrained in us. Many of us are so addicted that we can hardly get out of bed before we begin checking to see status updates on Facebook and Twitter.

Reconnecting with old friends and staying in touch with current ones are great reasons to use social networks-but what about using them to market your business?

The fact is, those same networks that you are using to share pictures and reminisce about old times can be great sources of income for your business. In addition, there are plenty of social networks out there that are made specifically for doing just that.

Below is a list of five crucial things you must do to utilize social networking effectively for your business:

1. Choose networks that cater to potential prospects for your business.

There are so many social networks to choose from now, it can be overwhelming to keep up with all of them. In order to be effective, you simply have to make choices. Choose networks that cater to your particular market. The more targeted the network, the more interest and activity you are likely to generate.

2. Take time to create a comprehensive, well-written profile.

The benefits of a social network come with interaction-and that can only happen when folks can get to know you. Take the time to fill out your profile completely, with both business and personal information (your interests, hobbies or goals) so people can get to know you as a person and a business owner. People tend to do business with people they feel like they know, so the more cold and impersonal your profile, the less likely people will want to interact with you. Liven it up! Show your personality-but do remember to behave in a friendly but businesslike manner.

3. Interact with community members and build relationships.

In order to build traction within a community, you need to interact. This does not mean simply messaging others with information about your business or submitting an article once a month. You need to take the time to get to know them-find out what is important to them, ask about their business. You want to build a quality network of folks who know about what you do and care about you. This will encourage them to do business with and refer you.

4. Take advantage of the extra features offered by the network.

Most social networks today provide many opportunities to help you get your message out: banner ads, classified ads, blog platforms, article submissions, video hosting platforms and more. Sure, some may cost a few bucks here or there, but if you really make use of the features provided, you can quickly become a superstar on any network!

5. Refer clients and prospects to join the network.

Invite business colleagues, clients and potential clients to join the social networks you use. Is it easier to catch a particular fish in the ocean, or in a tiny pond? Bring all your prospects as you meet them to your tiny pond and you can get to know them better and interact with them on a regular, more personal basis. When it comes time for them to buy, you’ll be close by!

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Blippy – Inspired by Twitter?
Twitter CEO Evan Williams made it clear through his tweet when he said “Many of the great businesses of the next decade will be about making information about our behaviors more visible.” Transparency is the catchword of the decade, and hot on Twitter’s heels is Blippy. And nope, Blippy isn’t Twitter’s competitor. In fact, what it does is it allows you to share your everyday online transactions with other people.

Just like Twitter, once the Blippy stream is updated with your transactions done in real time, your friends will be able to “like” it, comment on your purchases and participate in a discussion centered upon your purchasing activities. It’s just a matter of time before someone makes this a social networking community, and Philip Kaplan, Blippy’s co-founder managed to quash the controversies surrounding this new site and convinced us with his logic: “The big question that Blippy answers is ‘What are your friends buying?‘

Honesty begets transparency
While most would be reluctant to share their online purchases with other people, I think there is great potential behind Blippy. For instance, if you have just shared your purchase of an expensive but used leather bag on Blippy, friends will be able to comment and let you know if you’ve overpaid. You’ll almost instantly know if you are being ripped off or not! You can also spark interest amongst others in your online purchases and help them obtain items they never knew existed before.

Blippy is currently in private beta. Head over to the site and find out if you can be part of the initial invite-only beta participants.

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Out of Twitter came forth Square…
Twitter has been heralded as one of the most groundbreaking thing to happen to social media and now things are going to get more interesting. How would you like to possess the ability to pay for things via Twitter? For years consumers have been looking forward to being a part of a cashless society but aside from credit cards, there is still a lack of a really versatile tool that allows people to purchase items they wanted, be it online or offline.

All that is going to change with the birth of SquareUp.com, conceived by Jack Dorsey, Twitter’s very own co-founder. According to an interview with the visionary founder, the idea for Square’s creation was based on three underlying concepts that made up the foundation of Twitter: Immediacy, Approachability and Transparency. He also said that while credit cards are hugely popular amongst consumers, there is still a lack of merchants who accepts the plastic cards. Square is set to change the fact that you need credit cards as the only tool for purchasing freedom. In fact, with Square, all you need is a Twitter account and quite possibly a credit card swiper so that consumers can do self-swiping without the fear of credit card fraud.

Opening doors to new possibilities…
With the advent of Twitter’s SquareUp.com or simply known as Square, we think a whole world of opportunities will be presented to eager consumers all over the world.

• More and more people will embrace social networking and Twitter
• Existing social networking and e-Commerce sites will look into ways to incorporate Square and thus creating a more viable online economic scene
• Credit card processing providers will need to inject innovations and/or learn a thing or two from Square before they become obsolete. This brings good news to merchants who want to shun expensive credit card processing fees

This brings us closer to the cashless society that we have long dreamed about. Perhaps it’s time to leave your credit card at home and brandish your iPhone during shopping sprees?

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