Social media is the newest business accessory, and if you’re not hipped to this latest trend, there has been no better time to get on board. Whether you’re a Twitter fan, a Facebook fan or a blogger, here are three reasons why your business needs social media.

1. Cheap advertising. There is no cheaper way to broadcast your message. It doesn’t cost a thing to create a Twitter account or a Facebook page for your business. You can post updates about your service or product and attain massive exposure with no out-of-pocket cost.

2. Improves web traffic. A social media account can drive traffic directly to your webpage. When customers “like” your Facebook page or follow your Twitter updates, friends of your customers may jump on board and follow your company as well. Each time you send a status update, this puts your company name in front of these people, which in turn draws their attention to your website. More traffic equals more sales.

3. Increase search engine ranking. Search engines reward websites that use social network sites to promote their products. Plus, the use of social media can trigger additional back links, which also helps your site move up the search engine ranks.