Viewpoint May 26, 2009, 12:01AM EST

Beware Social Media Marketing Myths

MySpace, Twitter, and Facebook are all the rage, but for most business owners there are better ways to stay close to customers

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Comedian Jim Gaffigan has a suggestion for preparing a Hot Pockets frozen entrée: "Take out of package. Place directly in toilet." Gaffigan is not a big fan of Hot Pockets. He doesn't like exercise, either. But he loves bacon. "Without bacon, no one would even know what a water chestnut is," he says. Gaffigan's also a fan of social networking sites.

You'll see him on Facebook, Twitter, and News Corp.'s (NWS) MySpace. He keeps fans up to date on his concerts, albums, TV appearances—and naps. In short, he's a social networking success story. For a one-man band like Gaffigan, who probably has a decent amount of free time between eating bacon and being on stage, social networks and blogs have proved effective vehicles for marketing his business and staying close to his audience. But for many business owners, social networking is as valuable as a Hot Pocket is nutritious.

We've been misled as to the benefits of social networking sites. Many of us are finding that these tools do not live up to the hype, especially for small business. Once we start digging deeper, we're finding a lot of challenges. Are you thinking of using Facebook, Twitter, or the like in your business? Before you go any further, consider the following myths:

1. Social media sites are free.
Using social media sites isn't as easy or cheap as many people think. Sure, most let you set up an account for free. And you can integrate other services, such as your blog or Google's (GOOG) YouTube videos, at no charge. But there's a significant cost: your time. Because there's nothing worse than a site that's not current. And to keep it current, someone's going to need to spend time. This includes responding to visitors' questions, posting brilliant thoughts, adding graphics, and monitoring activity—basically trying to generate buzz.

Comedian Gaffigan seems to peruse his sites all the time. Bacon is still yummy days after it's cooked. But old information—a stagnant site, comments left without response—are death in the social networking community. I recently moderated a small business town hall forum. The company sponsoring the event had two full-time "social media writers"covering the event. They recognize that keeping a presence on these sites takes resources. Unfortunately, many of us don't have that kind of time—or cash—on hand.

2. Social media sites are a great place to find new customers.
In fact, the major sites aren't necessarily the best places for a business owner. Some of the most avid users of Facebook and MySpace are pimply adolescents and goth teenagers. Sure, there's a growing number of fortysomethings—but many are merely nostalgic to check out boyfriends and girlfriends from youth to see how fat and bald they've become; whatever they're doing on Facebook, it's typically not engaging with a small business brand. Twitter has millions of users, but apparently only four of them actually understand what it does and spend much time updating their tweets. Are these the people who will buy the plastic polymer gaskets your company manufacturers? I don't think so.

Where, then, should a small business owner go online? Often the best social networking sites are specific to business owners. For example, Intuit's (INTU) social media people are on their own small business community. Another good one is Bank of America's (BAC) small business community.