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Imagine the big names in social media getting together in one room.  Well, that is what recently happened in Davos, Switzerland.  The big cheeses of Facebook, Twitter, MySpace, and LinkedIn had a big powwow to discuss strategies for the future. 

On the agenda during the World Economic Forum was the theme to develop social networks to help humanitarian causes (Haiti for example) and also to help businesses communicate better with their clients and customers to increase sales and profits.

The forum touted how media can link, connect and have the ability to make relationships but at the core, businesses want to know how to turn the fan base into greenbacks.  With people spending between five and six hours a day on media, more businesses are migrating to sites to promote their specials and sales.

Hauling in the cash on line depends fundamentally on building a customer base founded on trust and transparency.  This idea was graciously understood by successful customer base site eBay.

Reid Hoffman, executive Chairman and founder of LinkedIn, highlighted the fact that younger users are more open when it comes to providing personal details and that older users have more hang ups about their privacy so are less likely to jump on line into a social media site.

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