Here is good summary article by Aliza Sherman listing the business benefits of using the major social media tools, LinkedIn, Facebook and Twitter.
She says :
"I’m often asked how social networks can be used for practical business  purposes. While convincing people that LinkedIn is a good professional  tool is not hard, many folks are not using Facebook for anything other  than communicating with friends or playing games, and are not using  Twitter at all; articulating the business value of Facebook and Twitter  to those people can be challenging."
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