Business TV : Stefan Tornquist - where is social networking

See this business tv show in which Stefan Tornquist, Research Director at Marketing Sherpa, explains the differences between he services, and what those differences could mean when it comes to promoting your business:

"I've wondered for a long time whether the growth and decline of social networks could potentially happen fairly quickly as sort of the trend changes. As the opportunity to be more creative or less, you know in the case of Facebook vs. MySpace, Facebook can satisfy your personal demands and your business demands whereas MySpace is very much a personal sort of kind of communication and say LinkedIn is very professional.
MySpace is in this nice little middle ground, it'll be very interesting to see to what extent they can change the dynamic but for marketers the question is probably what do I do about all this, is there anything I can do in the near term that actually makes me some money. Now we already spoke about the possibility of creating ones own social network and that's got its demands and limitations depending on your type of audience but it also has quite a bit of promise.
The second thing is to simply participate in social networking and that you see a lot of all the time. I live in New York City where just about every bar and restaurant has a MySpace page or is my friend on Facebook and that has, that certainly has an upside while being fairly low demand on the organisation, you know it's a fairly simple way of connecting with your customers, as long as they say yes, keeping them up to date.
You don't want to over use that, you certainly don't want to abuse that relationship but if you engage with them in a light, informative, and publicly funny way that can be quite compelling. Finally the most standard way of dealing with social networks is simply to advertise on them, I mean ultimately that's how they make their money and that is their value proposition is being able to, in the case of Facebook anyway they've recently begun to hint around an Ad network that really uses the content of the page to deliver very targeted marketing.
If you think about your own social profiles think about all the information that's on there, a smart eurhythmy could really learn a lot about you and if the advertising is targeted a pace it could be very successful."

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