There is a very obvious answer to this: No!

Social media platforms like Facebook, Twitter and LinkedIn lack the functionality most organizations require to build a brand and develop their business.

However, as recently reported in The Guardian, some companies have found a solid social media presence has pretty much helped them build significant traction with their core audience without the need to invest heavily in a corporate website. In fact, many enterprises (in certain niches like entertainment and leisure) have all but abandoned their traditional websites.

There are many advantages of using social media as your corporate online hub including:

  1. Cost: It is free to set up a Facebook, Twitter or LinkedIn page, there are no hosting fees and updates can be updated in-house.
  2. Speed: Pages can be ready to roll in minutes (if not seconds)
  3. Easy to Update: Seriously, who in your organization doesn’t know how to update a social media profile?
  4. Engagement: It’s called social media for a reason. There is no easier way to engage your customers and prospects in conversations that lead to sales and help retain customers.
  5. Sharing: Because birds of a feather flock together, social media is the ideal platform to help your organization’s marketing collateral go viral.
  6. Future Proof: Why worry about whether your corporate website is mobile friendly when the smart people at Facebook and Twitter already have this covered.
  7. Content: Social media was made to share all different types of content including text, images, audio and video.
  8. Integration: Social media works almost seamlessly with your email marketing, blogging and even your ecommerce solutions.

While a social media presence might not have the functionality you might expect from a corporate website, it does provide a great starting point to test a market or launch a product. Taking an agile approach to social media will reduce risk, help you build an audience and encourage customer feedback (something that can be very hard to solicit from a corporate website).

How much quicker could you take a product to market using social media?