With the possible exception of current macroeconomics, the ambiguous and omnipresent “Web 2.0” phenomenon poses perhaps the most currently perplexing quandary for small businesses. Many feel the former pressuring them to develop their presence on the latter. Additional pressure accompanies the uncertainty surrounding the newness of the medium, both in terms of the sheer array of sites and the differences among them. Small business owners, especially--and ironically as they are the ones who stand to benefit most from effective use of the medium--struggle with managing the time requirements. Finally, a universal set of questions is developing but the answer set is different for each participant. Should I blog? Should I Twitter? On which sites should I maintain a profile? How frequently should I update this profile?

This installment offers high level best practices and a look at the differences among some higher profile players.

So, really, what am I to do?
The good news is that for those with resources to invest, there are experts capable of putting you on the cutting edge in short order. And for those who are just scrimping by, a ton of free information is available. A good place to start looking for them is…where else?…the internet…In any event, here’s the high-level summary of what they’re going to (or should) tell you.

First, decide what you want Web 2.0 to do for you. Web 2.0 can eat your time like potato chips so beginning with an clearly defined end in mind is crucial.

Next, research. Learn the differences among the entities. Pick a few that give you access to your audience. Then, learn what features and options each of those offers, and at what cost.

Each entity will revolve around a “profile.” Building a profile for each of them will take time that should be spent selling. I suggest constructing standard content and storing it in a local document file so that you can simply copy and paste. When you update this file, then, repeat the copy and paste procedure. Some adjustments from site to site will be required but this will substantially reduce your startup and maintenance requirements.

Set parameters and self-imposed limitations for the use of the tool. It’s easy to get sucked in…and this indirect selling, while necessary, must take a backseat to direct revenue pursuits. What works for your strategy…Does it benefit you to establish yourself as a “best answers” person on Linked In? If so, budget 15 minutes or so into every other day for Linked In “Q&A.” Do you need to expand your network locally? Make sure you’re checking Meetup.com once or twice a week to see what groups have been started or are scheduling new events in your area. Email updates are available for these two examples…are you the type of person who gains or loses time by shifting notices to email? Set your notification tactics accordingly.

Facebook
As alluded to in the previous post, Social Networking sites are what magazines used to be: There are a few for most anybody and something for everybody. If you’re focused on international business, you’re a Xing person (who also needs a Linked In presence). If you have a consumer product, creating (a profile, and) a (free) Page for your business on Facebook is recommended. What is important to realize about Facebook is that it lends itself to personal social interaction. It is not a realistic expectation to separate your personal life from your professional life on Facebook. Your friends from high school will find you and send you silly messages. Are you any fun? If so, I say play along. In addition to the aforementioned Page opportunity, Facebook offers other business-oriented widgets. For example, I belong to a group on Facebook called “I’m an Entrepreneur.” Periodic updates from this group are often worthwhile.

Twitter
Twitter is a different animal: 140 characters to “Tweet,” which means to answer the question, “What are you doing now?” My advice for those of you who plan to answer this in a social vein (“Mike is doing laundry.”) are best off leaving that to Facebook. I use Twitter to post links to current articles of interest to my target audience and to promote this blog. On Twitter, people and entities “follow” one another. This means that if I am “following” you, every time you “Tweet,” I see it on my Twitter page. So: if I sign on to “follow” you and know more about when you do laundry than how your knowledge and connections can help my business, I will probably follow you for a very brief period.

Verticals
If you’re in TV, film or a related industry, Variety Magazine has a site called, “The Biz.” In essence, if you learn that there’s not a social network set up for your vertical, you might start one. But there’s a ton…Ning (not to be confused with Xing), Biznik, Bizwiki, Naymz (for job seekers), and of course MySpace (which still seems focused on high schoolers)… Again, pick your spots based on the access they grant to your target audience and the achievement of any other goals.

Seize this day.
Should you "Web 2.0?" Yes, definitely. As big companies pull back in the current economic environment, an enormous opportunity is presented for small companies to use these low- to no-cost venues to brand and proliferate their value propositions.