Social media websites are the rage today. Sites like Facebook, Twitter, YouTube and Flickr all provide users with instant access to friends, opinions, even up-to-the-minute status reports. So, as a business owner, you have to ask yourself. Are these sites just a fad or a tool?

I would say social networking sites are both a fad and a tool. But the fad of today, could very easily be the new paradigm of communication for tomorrow and at least warrants a closer look at the potential costs/benefits to leveraging this new technology as a part of your marketing arsenal.

Here are seven facts about Facebook that should make you sit up and take notice:

• FREE! - Facebook is free and costs nothing to use... except maybe a little time.

• Branding - Facebook is a great place to display your brand. Become a helpful netizen by offering unique and useful information to your audience about relevant topics in your industry. You will become the helpful expert, which, in the public eye, is a great place to be.
  
  
• Customer Relations - Have a promotion or contest? Why not share it on with your friends and fans on Facebook. Again, more opportunites that can be leveraged to entice consumer engagement with your brand, your products or your service.
  
  
• Drive Web Traffic - Facebook can be a wonderful portal for pointing traffic to your site. 'nuf said.
  
  
• Instant Feedback - can be a useful tool for seeing what users are saying about you and your products/services or about your industry in general. Ask probing questions to find out how your customers (current and potential) react.
  
• Client Retention - provides another potential interception point to build the relationship with your consumer.
  
  
• Be Viral - Don't take for granted that you're connected to people on Facebook that are connected to thousands of other members. Information that people find helpful or entertaining can find itself being forwarded and reposted by people you've never met. Just make sure people know the information came from you so they can find you later.

Next week, we'll show more examples of using Social Networking websites like Facebook to boost your bottom line.

If you're on Facebook, I encourage you to stop by our Facebook page and become a fan... http://www.facebook.com/redlogic.com.