Why Social Media Is Worth Small Business Owners' Time

Columnist Steve McKee explains why experimenting with free Web tools and using them to promote your company or forge connections makes sense

By Steve McKee

YouTube (GOOG). Flickr (YHOO). Digg. Metacafe. Stumbleupon. Technorati. Del.icio.us. Kaboodle. Fark. Furl. Swik. Mixx. Are social media tools like these the future or simply new ways to waste time? Can't we slow this train down?

Unfortunately, we can't. But if you think about it, we don't want to either. The Web is a vital source of innovation, and it levels the playing field between small businesses and corporate giants. The only problem is keeping up with the pace of its rapid (some would say rabid) advances. Taking advantage of all the Web has to offer is like eating your vegetables or getting exercise—most of us don't do enough, and even those that do could always do more.

The first thing I want to encourage you to do is relax. Take a deep breath and release that tightness in your chest. This column isn't about making you feel stupid for not knowing what Reddit.com is, or chastising you for not having three extra hours a day to spend tweeting and blogging. I simply want to encourage you to get started. (For background on social media, check out this story.)

The Price Is Right

Activity in this universe has thus far been dominated by innovators and early adopters. But now that the early majority is getting in the game (with the late majority right on their heels), the numbers are starting to swell. Facebook, the most popular of the social media sites, has nearly 200 million users worldwide. LinkedIn is like Facebook for professionals, and more than 30 million of us have signed up. (Disclosure: LinkedIn has a partnership with BusinessWeek.com that includes a tool that lets users find LinkedIn connections at companies mentioned in BusinessWeek articles.) And Twitter—not even three years old—tracks thousands upon thousands of instant message "tweets" every day. That spells significant opportunity—whether your customers live around the world or across the street, you can find a lot of them online.

The biggest reason to use social media is that it's free. You can be a significant player online without laying out any cash, and in this economic environment cash is king more than ever. It does take time, though, and in business time is money. But getting up to speed on social media is like learning to ride a bike; it's difficult and intimidating at first, but once you get the hang of it you can get where you want to go quickly—and even enjoy the ride.