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Research tool, reinforce & expand personal brand, promote content, extend audience, network, preview ideas, speedlinking, story-gathering, get honest views& feedback, Apart from Speedlinking which i personally find annoying, a great list of benefits.
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John Bell of OglivyPR talks of the need for an ad equivalency model in measuring social media marketing activities. One of the key problems is how to factor in qualitative measures which are perhaps more powerful in this medium than any other.
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Twitter has launched the India specific short code 5566511 . http://blog.twitter.com