Blogs are basically for personal use but this is the best way for getting instant traffic and very helpful from the seo point of view. Most of the people create blogs and timely update their services through it.
I attended a panel discussion on web 2.0 in the corporate world recently and one of the panelists said that his company is getting great results with blogging. I think that the type of business will dictate the type of social media you use but I definitely think that blogs are for more than personal use.
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