According to Pew Research, 67 percent of online users use social media. If we go by the most recent population statistics provided by the U.S. Census Bureau, this means that roughly 152.4 million Americans use some form of social media on a regular basis. With nearly half of all Americans utilizing social media, the most innovative companies have realized that tremendous potential resides in using social media in business.

As competition is fiercer than ever, it is not surprising that many new companies struggle to get their footing and establish a recognizable brand or market identity. However, there are also several different steps that companies can take that were not possible less than a generation ago. For instance, if you go back more than a decade, marketing through social media did not exist. Today, entrepreneurs use social media in business every day, and it has proven very effective.

For entrepreneurs of small businesses, one of their biggest challenges is to create a buzz about their products, services, or brands without going broke. By using social media for small business, it is possible to reach thousands, even millions, of potential customers without spending a lot of money. In fact, the combination of affordability and effectiveness makes using social media for business ideal for any size business. And what is really cool about using social media in business is the speed with which information about your business can spread.

For example, if a Facebook user decides to like a particular product, service, or brand, that information is passed on to their friends, some of which may also choose to like it, as well. Through social media marketing, there is the potential that word about a certain business might spread like wildfire. In fact, it sometimes feels like social media and business were made for each other.