Absolutely! Depending on your approach, social media can be profitable and very cost-effective. Gone are the days where companies had to spend huge sums of capital on advertising. Today, social media networks such as Facebook, Twitter, LinkedIn and YouTube give businesses the opportunity to effectively communicate with customers directly.

Think of it as 24-hour customer service and round the clock networking. Social media provides a very unique opportunity for small businesses and entrepreneurs.

“Creative thinking and the determination to push the limits on innovation are the hallmark characteristics of entrepreneurs,” said Tim Kelly, chief executive of Network Solutions, an advocate of small businesses. “Having a strong presence on the Web gives business owners a great launch pad to showcase their innovative spirit and build brand awareness for the products and services they offer.”

Just think, you have an awesome product or a hit song; you can use any two or three of these social networks to garner the necessary attention your business requires. Not to mention, you can fine tune your social media profile to your liking by using some of the third-party applications out there that allow you to target your industry.

The whole idea behind social media is communication.

Facebook has topped the 500 million users plateau, and is still growing. YouTube has 2 billion views a day and Twitter has reached 100 million users. With a sound social media marketing strategy you’re given the chance to stay one step ahead of the competition.

Most people between the ages of 14 through 45 use at least one social media platform. Everyday people are sharing photos and socializing on Facebook, micro-blogging on Twitter and watching videos on YouTube.

With these technologies in place, companies can reach out beyond their local markets. Location is no longer an issue. You’re small business can now get the message out to people everywhere. The contacts you establish via your social media experience can become a huge market all on its own. Add a worthwhile blog with a clear and consistent message to promote within your network and you’re all set.

Keyword research becomes a very integral piece to the puzzle. Setting up key performance indicators to measure against the competition will give you an edge.

Bottom line, by maintaining and staying loyal to your existing customers, interacting with them and continuously searching for new consumers you are creating an opportunity that can translate into more revenue over time.

You have to plan, track and measure. It is no secret, more and more companies are using social media to enhance their brand. Will you?