The New York Times recently ran a great article about social networking and how small businesses and entrepreneurs are leveraging online social networking sites to build their businesses. (www.nytimes.com/2009/06/04/business/smallbusiness/04sbiz.html?_r=1&dlbk)

The piece included some very interesting figures. It said that according to a recent study conducted for Sage North America:

• 65% of small businesses that used social networking sites said that they felt more comfortable doing so this year than they did last year, and

• 51% said that they had acquired and retained customers because of it.

However, the piece also quoted the April index of Discover Small Business Watch, which said that while 38% of owners were members of an online social networking community, 62% of businesses still do not have a website.

Social networks offer a great chance to share ideas, information and network with other small business owners. They allow you to ask for tips and share your success stories. By interacting with product manufacturers, you can keep abreast of new product developments and sales. More importantly, they also give you one more way to reach customers.

Lisa Pallardy, from Bark Talk, a manufacturer of pet greeting cards (@BarkTalk or twitter.com/BarkTalk) recommends retailers tweet pictures of new products or designs when they arrive in the store and says that twitter helps her customers get to know her and helps her interact with them on a more personal level.

For me, (@mbreau or twitter.com/mbreau) twitter provides a great way to stay up-to-date on the news products hitting the pet market and to keep in touch with our magazine’s readership.

In today’s economy, social networking is a great way to get your store before your customers on another level, to further promote yourself and to keep yourself informed.