Social Media websites have grown phenomenally in recent years. Millions of people use social media sites like Myspace, Facebook etc. to connect with their virtual friends and share important tit-bits of their life. It would have been hard to believe that these sites would enable the people to create their own virtual network of friends. Social media sites have become indispensable part of life for millions of people.

The popularity of social media websites has been such that users have become addicted to the virtual network of friends. Medical councils have even initiated the debate on impact of such sites on human health. These social media sites allow the person to build his own virtual network of friends. The plea for moderate use of these sites has fallen on deaf ears.

It is no wonder that large corporations have begun taking notice of social networking sites. They are actively utilizing the power of social sites to communicate with their customers. The consumer is no longer at the mercy of companies if he is not satisfied with their services. He just has to post his experience on the Facebook wall or share his experience with a simple tweet. Since the communication these sites has potential to become viral, it alerts other consumers about non-responsive company. A complaint on social sites evokes faster response than writing an email to the company.

Social networking sites have become integral part of social life. It does not matter if a person is a customer, producer or a marketer. If he is not using social site he is risking losing his business to his competitor.

Marketers have begun using the social sites to broadcast their message. It is a goldmine waiting to be tapped. Not only it has the power to build instant brand recognition but it can be a fertile ground for acquiring highly targeted customers in shortest possible time.

Ironically, it is estimated that only 7% of marketers utilize the power of social sites. Given their enormous clout in terms of reach and viral nature, social sites have forged way ahead of traditional form of communication like e-mail. The phenomenon of social sites has just begun and it is here to stay for years to come.

There is much more scope for innovation in the technological interface of social networking sites. As the technology progresses we may witness the complete integration of various applications within social networking sites.