Web 2.0 isn't going anywhere, and neither is social media marketing. Sites like Twitter, Digg, MySpace and Facebook, along with innumerable blogs make it easier than ever to connect with your potential customers. However, as is the case with any other business decision, you need to have all the facts and consider the pros and cons of social media marketing.

First, the pros:

1. You can reach far more customers- more than are reached by traditional marketing methods. After all, you never know who will send a friend to your social bookmark, Facebook page, or blog. Your potential for reaching new leads is almost infinite.
2. You will be able to build brand loyalty. You can use social media to enhance your brand; and besides that, you can demonstrate the personality of your company, interact with your customers on an individual basis, and show them that you care about them- which breeds brand loyalty. Social media marketing is a great way to build lasting relationships between company and customer.
3. Since feedback is all but instant, you can easily learn about areas where you need to improve your product and/or service. Social networking sites foster open communication, and by reading customer comments, you can make your sales pitch and your product more believable.
4. Not only can you learn more about your target demographic by reading customer feedback, but you can do so by studying analytics. The information provided by an analytics program can be invaluable when you're planning marketing campaigns.
5. Social media marketing is inexpensive when compared with other marketing methods, even if you hire a professional in marketing through outsourcing.

Now, the cons:

1. Marketing on social media sites will place a high demand on your talent. It can be hard to come up with fresh, enticing content to keep your readers interested.
2. It also places a very high demand on your time. Web content has to be created, then edited, moderated and published. Customer comments have to get responses, and sites must be updated. You can cut out these demands by paid outsourcing.
3. With social media marketing you lose some degree of control over marketing efforts. Anything you post is public domain, and that means you're fully open to criticism and negativity from others. Without the ability to moderate comments or to control what your professional team is publishing, you have a much higher chance of creating a public backlash.
4. Any return on investment is somewhat delayed. Yes, social media marketing is a great way to build brand loyalty and relationships, but a successful effort takes patience, dedication and time. A social media effort isn't likely to become popular every night, so to realize the greatest benefit, you need to be in it for the long term.

As you may have already learned, marketing through social media can bring more benefits and greater profits to your company, but as with any other marketing strategy, it's not without its drawbacks. If you're thinking about starting a social media marketing effort, make sure that you know the pros & cons, and have a plan in place. With a little bit of planning, you'll increase your customer base, be prepared for the unexpected, and have a better chance at success.