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Facebook, with 500 million users is the largest and most popular social networking site. The newest and fastest growing group of Facebook users is business people. This is a new trend, ignited by the realization among entrepreneurs and small businesses that social networks provide a large and powerful source for marketing products and making new business connections. To meet this trend Facebook recently launched “Facebook for Business.”
While Facebook is the largest site, there are a growing number of social network sites foused specifically on business in general and on specific business disciplines. LinkedIn, with 80 million users, is the foremost business social network site and there at least 20 other popular sites that are tailored to specific groups.
Business social networking is also effective. An increasing number of large companies are launching internal social networking sites to improve productivity and communications. These sites offer employees the opportunity to collaborate and share ideas. This concept is especially important for organizations that have operations around the country and the world. LinkedIn CEO Ben Nye notes that these sites also reduce unnecessary email because users can focus on what they want to read or discuss.
According to a study of 1,600 executives conducted by William Baker, a professor at San Diego State University, firms that relied on external business social networks in conducting business ranked 24 percent higher on a measure of radical innovation than those firms that did not use social networks. According to MSNBC, as social networking sites grow in number, they will grow in value and increase the odds for productive connections. Social networking in the business world works.
