Social media is big business these days: the major social networks Facebook, Twitter and LinkedIn boast over 900m registered users worldwide.

Almost 80 per cent of the world’s largest corporations have a Twitter account, and 61% have a Facebook page. In the UK, 30m of us have a Facebook page and we spend an average of 33 hours online each month.

Even as more and more companies are exploring the world of social media and its potential to reach new audiences, build customer loyalty and drive sales, I still meet many business owners who question the relevance and benefits of social media for their company. So, what are the pros and cons of using social media and is it right for you?

Whatever you do, your business needs customers.

The biggest benefit of social media marketing is that it enables you to reach and interact with many more potential and actual customers across a far broader geographic area than more traditional marketing activities.

Equally, if your product or service is aimed at a niche audience, it enables you to search for and target relevant people, businesses or communities far more quickly and easily than any advertising campaign could do.

Using social media to find and communicate with people who are interested in what you sell also means that you can begin to understand what makes them buy, and tailor your service and sales activities accordingly.

Social media marketing is a great research and customer service tool. It’s also measurable: you can test and track everything, and easily see if you’re getting a return on your social investment.

Lastly, social media is a great leveller: you don’t need a million pound budget to convince people you have a good product or offer a great service. You can build a great reputation online by contributing to relevant industry groups on LinkedIn, answering questions on Q&A sites like Quora, or sharing your knowledge and expertise through a company blog.

Of course, social media marketing doesn’t suit everyone. It requires time, commitment and a plan.

Although many of the networks and tools available are free, you still need to invest your time to research the right networks for you, plan and schedule your social activities, create your social profile and regularly produce content to share with your audience.

If you can’t commit to being available for your customers, don’t want to share information online or work in a ‘close’” industry, social media is probably not for you.

Fiona Mulliner is managing director at Jumpstart, based in Worthing Road, Dial Post