I am seeing a lot more requests on what business owners can do regarding social networking activity to promote business.

They are hearing the buzz and want to learn more because it is low budget if done internally.

Plus I think people will keep hanging out at social networks with or without a job.

There's no let-up. Companies are still very interested in how they can gain attention in online networks and they crave for better understanding and strategy that is contextual to their needs.

Tighter budgets are not yet being felt in digital for us *but* effectiveness is still the issue and social is no exception. I believe that, as long as we focus on developing methods of measurement and fast innovation, the huge interest will continue.

The issue for me is whether 'social strategists' can develop frameworks and methods of understand so that corporate clients can innovate quickly, effectively and safely. Without a vision to direct this everything is reduced to 'execution-only' - a breeding ground for fads and fashions.

In other words, 'more haste, less speed.'

I agree with some of the comments above. I believe the need is even more critical. In my company, social media strategy is a new program and I've been tasked with taking it on with little to no budget investment. So I think that my creative efforts for increasing brand and awareness through a less focused, less overhead-requiring process versus traditional PR, will be crucial.

In Italy there is a significant increasing of social media strategies request from private and public company.
They are understanding the importance to plan new social media initiative inside their strategies to create a relationship with their customers and their employees.
It's nevertheless true that, unfortunately, they don't understand yet that the use of these media necessarily need a 2 or 3 years plan and obviously important budget.

Speaking from the agency side and many, many client interactions and requests lately - brand marketers are rushing to get more experience with social media. There is a lot of exploration around discovering if social media can be more effective or efficient (cheaper) than somewaht wavering effectivenes of the usual marketing mix.

problem is that leads to three things:

1. unfair comparisons between social media/WOM and advertising/marketing

2. the ABSOLUTE NEED for a sober, adult measurement model that is generally acceptable to traditional marketers

3. Superfast education about social media's use at various places on the Funnel

In a month or two when the you-know-what hits the fan, we need a rock-solid BUSINESS CASE for social media/WOM that stands up in comparison to other marketing and communications choices.

http://johnbell.typepad.com/weblog/2008/01/the-next-evolut.html
http://johnbell.typepad.com/weblog/2007/12/5-steps-to-maki.html

From a vendors perspective...

We (Telligent) focus on providing enterprise social networking solutions and anticipate a push from our customers for better quantifying the value of the tools (ROI) this year.

In fact, the indications we're seeing are for more spend this year as customers:
1. Consolidate multiple vendors solutions.
2. Integrate multiple membership systems and user profile stores.
3. Bring these tools both into the intranet and consolidate onto their own on-premise IT systems.
4. Measure and quantify the ROI

Personally, I'm expecting this to be a very good year :)

There's still a perception that social media strategy is more affordable than traditional mediums. Whether that's true or not, I don't know. Since I'm a social media consultant, I'm OK with this perception, and I bring it up as often as possible.