What are the benefits to your business of using social media websites?

At our recent event on February 19^th, a live panel of experts in the fields of social networking and Web 2.0 media marketing dealt with profitable and creative uses of social media, whether you own a social media property or if you are a business owner considering advertising on a social media website. Panelists included: David Burns, Managing Director Cross Keys Capital; Joe Laratro, expert in the search marketing industry; Nathaniel McNamara, CEO of SocialFeet, the leading enabler of social browsing; and Raphael Urbina, Chairman and CEO of Batanga, (the leading next generation Hispanic media company). Moderator was Jason L. Baptiste, Founder, Ramamia.com.  Panelists provided advice on successful social marketing business models, utilizing promotions, subscription, the value of your email list, and innovative ways to develop your site that are very profitable, yet affordable. Valuable suggestions to business owners developing a website included: make sure you “do it on a shoestring” until you test the site and determine if you are getting the “hits” to your site; how to effectively utilize sites which will help you target the demographics you are seeking; the importance of “links” to your website, and maintaining/updating the social media websites keeping personal information private from your business; determining what you have to sell and how you can bring recurring revenue to your site.

In response to the question, “Where do you see social media in two years?” David Burns responded, ‘I think the next 24-36 months you’ll see a completely new competitor on the market. He thinks social networking will be heavily video-based.’ Joe Laratro  predicts “You will see a lot more cross-platform advertising opportunities…in 2-5 years the web will be a more engaging experience—the whole offline world will merge with the online world…” Raphael Urbina offered  innovative advertising solutions for the business community stating, “ It’s all about contextual targeting and behavioral advertising…you’re going to see a lot of innovations around performance.’

Whether you are a blogger, twitterer, social media owner, or an entrepreneur who is new to social marketing and Web 2.0, our leading experts and entrepreneurs in the industry were there to answer your questions, share their expertise, and predict the future of the web.

The  next MIT Enterprise Forum So. FL program will be a CEO Roundtable on April 15^th, 6 p.m. at the University of Miami, Storer Auditorium.

By Lynn Schweitzer