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according to a recent article from eMarkters, majority of the social media marketers “rated social media marketing effective at influencing brand reputation, increasing awareness and improving search rankings and site traffic.”
As a solo blogger a lot of this isn't relevant for me. I'm not sure I'd have the resources to understand my ecosystem. I'm not sure that in a situation as dynamic as the blogosphere that it is possible to have much precision about this - even with the resources of major agencies.