If you own or manage an online business or blog for profit, then you may have discovered the power of social media. Networking has always been an important part of business, but now social media has taken it to another level. Social media can be used for so many aspects such as marketing, taking polls, getting feedback from customers or potential customers, and building relationships.

What you need: a blog, a Twitter account, a Facebook account, a StumbleUpon account/toolbar, and a block of time set aside everyday for updating.

I have created a page called Social Media Rule of 5. This page helps me set goals for interacting and helps me journal those interactions so that I can watch for trends.  Here are my Rule of 5 goals.

1. 5 blog comments – Making meaningful comments on relevant blogs makes others aware of you and lends you credibility.  You’ll probably end of visiting more than 5 blogs, but make it a goal to leave a comment, your name, and your URL on at least 5.
2. 5 Tweets/5 new follows – Twitter has the biggest buzz right now.  For something that is so incredibly simple, it can be incredibly effective at bringing people to your blog/website.  But you must use it in order for it to work.  5 meaningful tweets where you not only promote your business, but join in on conversations, ask questions, and post links to things of interest.  Adding followers is the main way for you to get the message out about your business.  Find a Twitter friend, check out their followers, and add a few of them.
3. 5 Stumbles – Once you have a StumbleUpon account, you can “stumble” posts or pages that you really like by giving it a thumbs up.  This is easiest with the StumbleUpon toolbar.  SU really makes blog/website hopping fun and easy.  It will take you to places you never would have dreamed of going or finding.  Don’t forget to leave comments when possible!
4. 5 minutes updating Facebook – This might be to edit your information, visit your business Facebook page, or update your status.  Again, Facebook only works if you are connected to “friends.”
5. 5 Forum Discussion Posts – Find and join a forum that is a good match for you and spend time making friends, setting up your profile page/signature, and contributing to the discussions/groups.  A popular type of forum is a Ning.  A Ning becomes a kind of community for like-minded people.  It is a great place to get established and get to know people.

How much time to do you spend each day in social networking?  Use ListPlanIt‘s Social Media Rule of 5 planning page to set goals for your social networking.