I was wondering if I can use MySpace as well for promoting my business. Can anyone suggest me whether this idea is feasible?
Facebook is the best to use, IMO it's much user friendly. But I would suggest you visiting the top 5 social networking sites, and signup to all of them to promote your business
With Facebook you can get higher results....i use Facebook Pages which are highly customizible, indexed by major search engines..you can also aso add an opt-in form and gather leads. Here is a useful article to promote FB Pages: http://www.allfacebook.com/2009/03/facebook-page-strategy/
Facebook is most beneficial then the myspace. Facebook Fan Page are the most business friendly. It may increase the traffic on your site and also to help in your product branding. But in the fan pages there is one problem. You have to get fan. But involvesocial can solve this problem. They can promote you fan page and get number of fans.