Seven Social Networking Strategies for Smaller Businesses

3. Building Widgets for Social Networking Sites

Goldmine: By now, Facebook widget success stories are legendary in Silicon Valley and beyond. Take widget provider RockYou.com, for instance, which touts: "Founded in 2006, RockYou has over 35 million users, serving over 180 million widget views per day in more than 200 countries." The young company has been valued at more than $200 million. And yet, what it's doing isn't rocket science. Many social networking widgets are built in a matter of a few weeks; they're advertising supported and spread virally (if they're good) across social networks. "The barriers to entry are very low," says Gartner's Austin. "There are a lot of opportunities to market yourself, your company and add value in [your] overall business ecosystem through making widgets available."

Landmine: Application development is risky, particularly when your brand name is at stake. Forrester analyst Jeremiah Owyang recommends a phased-in approach. "SMBs can benefit by first sponsoring existing successful widgets, and then as they become more comfortable, integrate their brand with the interactive experience," he says. "After completing this, brands should consider building their own. Because widgets are different beasts than traditional websites or micro sites, brands should lean on experts to build, deploy and manage them."

Seven Social Networking Strategies for Smaller Businesses:

1. Prospecting on a Social Network
2. Sourcing Talent On A Social Network
3. Building Widgets For Social Networking Sites
4. Encouraging Employee Use, Not Abuse, Of Social Networking
5. Building A Custom Social Network For Customers
6. Building A Custom Social Network For Employees Or Suppliers
7. Building Brand Awareness On A Social Network

Next Page: Encouraging Employee Use, Not Abuse, of Social Networking

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