By Alexandra Reid

Quora’s rise to popularity is abuzz on Twitter, blogs and other media sites as a surge of people are trying out the social networking tool for the first time. Poking around the site myself this past week, my first impressions found it to be rather unintuitive. It seems that I am not alone in my opinion, as questions about how to use Quora and why it is important are being frequently asked, rather ironically, on the site itself. More importantly for my ongoing social media research for clients, I noticed that very little discussion has developed to provide insight as to why Quora is important for B2B companies and how it could be used to best effect.

First, what exactly is Quora?

Quora is “a continually improving collection of questions and answers created, edited, and organized by everyone who uses it. The most important thing is to have each question page become the best possible resource for someone who wants to know about the question.” Like Wikipedia, Quora is a collaborative effort, where users are meant to document the world around them. Over time, the database of knowledge should grow until almost everything that everyone wants to know is available in the system. Over the last couple of weeks, Quora’s traffic has doubled, likely making it the new “breakout site” of 2011.

Although Quora may seem a little bewildering at first glance, it becomes easier to find your way around once you figure out what it is you’re looking for. It is important to understand from the outset that the types of people and topics you follow will heavily influence your experience. “How do I get started using Quora,” you ask? Someone already asked on Quora and you can find the answer here.

After extensive research, I’m confident in saying that B2B companies should at least begin to familiarize themselves with Quora as it is likely the social networking site will become increasingly more important over the coming months. Here are some ways that Quora could benefit B2B social media engagement and further business development:

Establish thought-leadership within specific industries

Asking and answering important and timely questions about your industry shows other industry leaders, prospects and current clients that you keep yourself informed about market research and other key developments within your marketplace. The beauty of Quora is that preserves its participants’ thought-leadership, as it banks questions and answers forever, allowing individuals to search out information for years to come. Also, because attention to quality questions and answers is fundamental to the success of Quora, the Quora team ensures that you always sound professional by enforcing proper spelling, grammar, punctuation and style. People can also vote on your answers, which can elevate you to an “expert” status.

Connect and build relationships with industry experts, prospects and existing clients

If you’re going to be involved in social media, be present everywhere people could reasonably expect you to be. I mentioned previously that Quora is on the rise. There are already thousands of individuals to connect with from multiple industries participating on the site. Like any social networking site, engagement with fellow industry experts, prospects and existing clients offers many rewards, including brand awareness, loyalty, promotion and business opportunities. Demonstrating thought leadership on Quora can also help you expand and develop your community based on the exchange of helpful and insightful professional information, which consequently encourages others to turn to you for professional assistance.

Also, while individuals interested in your business may not expect you to be on Quora immediately, as they may Twitter, Facebook or LinkedIn, it is still important for you to keep it on your radar. Keep in mind that early adopters of new media tools can get an early bird advantage over those who join late. For example, if you’re quick to answer other people’s questions related to your industry, you have a good chance of earning loyal followers, an opportunity that other businesses may miss, as a result. Also, if Quora becomes a sensation over the next few months, you will already have a firm enough grasp on the tool to be able to participate competently right away.

Become a useful source or resource for journalists and other content writers

Journalism.co.uk called Quora a “tech journalist’s utopia” as its current user base includes a number of Silicon Valley and other Internet start-up executives participating in discussions and willingly answering questions. This niche group of experts is expected to expand in the coming months, as the site becomes more popular and attracts a more diverse group of readers. By participating on Quora, you can become a knowledgeable spokesperson for your industry and attract attention from journalists who cover your marketplace.

SEO

More often than not, people turn to Google to find answers to their questions. Quora has a solid SEO platform that ensures questions and answers from their site surface on search engines. By being a regular contributor to Quora, you have a better chance of surfacing in a search of questions related to your industry.

Market research and competitive analysis

Following influential and experienced individuals in your industry can make your Quora experience very educational. Quora allows you to ask business-related questions and find questions and answers from others that you may have never even considered. ReadWriteWeb says, “Checking up on what kinds of questions a competitor is following, or better, the answers they’re giving, can tip you off to what they might have in the pipeline.”

Get your urgent questions answered by experts

The purpose of Quora is to ask questions to which you require immediate answers. There are currently thousands of experts from multiple fields participating on Quora. Use their expertise to ask hard and specific questions. If you run into an issue in your day-to-day, especially if it’s technology-related, chances are someone else has experienced the same thing at one point or another. Post it on Quora to receive fast answers and connect with others who share your experiences.

I posed the question, “how is Quora beneficial to B2B companies,” to the site’s numerous experts to try and find some additional answers. When it receives answers, I’ll be sure to share them through my Twitter and LinkedIn accounts.

Anyone else trying out Quora for the first time? What are your first impressions? Did I miss any points? Do you have any additional resources that would help?

Technorati Tags: Quora, B2B, breakout site, business development,  Silicon Valley, Internet start-up, SEO, market research