Networking Together – an WSJ Online article – describes how the rapid growth of social networking sites is giving small businesses an invaluable opportunity to dramatically expand their reach.

Small businesses, being more nimble and usually more approachable, are apparently better positioned to take advantage of the social networking phenomenon than larger companies. However, it does take some effort and planning to successfully leverage this medium.

The trick is to create a web presence that is compelling enough for your target audience to visit regularly and, crucially, for members to start contributing content to.

Just came across a useful free report from Schneider PR listing some of the key ingredients for a successful business-to-business (B2B) product or service launch.

Based on their survey results, the top ten success factors are:

1. Create a documented launch process.

2. Set a separate launch budget and make sure
it is adequate to meet the launch challenges
you face.

3. Establish your launch budget as early in the
product development phase as possible.

4. Keep your launch budget stable
throughout the implementation phase.

5. Determine your launch performance
measures before the launch begins.

6. Measure the “right” success metrics.

7. Include the “right” external launch
professionals on your team.

8. Fight for bigger budgets.

9. Educate your sales force and other internal
audiences about your new product or
service. Also focus on distributor, retailer or
dealer education.

10. Spend money on word-of-mouth campaigns
rather than on advertising.

That last point is particularly pertinent to small businesses – instead of blowing your limited budget on generic, me-too advertising, you should instead concentrate on creating a “buzz” around your product in the right circles.

Used properly, web engagement tools likes blogs, wikis and forums are ideal for initiating such word-of-mouth campaigns. Indeed, a majority of the subjects in Scheider’s study listed their online campaigns as being far more critical to the success of their new product launches than advertising.

Click here to download a copy of Schneider’s B2B Launch Survey report.