As we’ve hinted at in the recent past, LinkedIn just launched the ability for companies to update their LinkedIn Company page, like companies could have been able to do on their Twitter and Facebook pages. In the past, LinkedIn’s Company page was populated only with select auto-generated content like job changes for e.g. Now, things have changed.

Moving forward, all companies or small businesses with a LinkedIn Company Page can customize updates to their followers (whether it is a customer, job seeker or a prospective client). Here’s why it’s a pretty big deal.

What’s new?

With this new release, companies (with an assigned administrator and whose company page is set to “designated admins only”) will have the flexibility to share the latest on the company directly to all of their followers on their company page’s “Overview” tab.

Keep in mind your status updates can be up to 500 characters long and can support URLs with multimedia as well. Given that any LinkedIn member can comment, like or share your Company’s status update, this is a great way to build engagement with customers, potential employees and prospects alike. – Ryan Roslansky, who runs our Company Pages product (though Ryan manages the larger team, I found that my colleague Mike Grishaver runs the specific product itself. Hat tip to Karen Chin!)

Why should it matter to companies or small businesses

1. The confluence of company and brand 

So, why is this a big deal for companies? For starters, this is something companies had been clamoring for a long time and given the recent pace of adoption we’ve seen with millions of company pages and tens of millions of LinkedIn members following companies already, the scope and impact of Company Pages is only gonna grow.

What I find most exciting about this development is that, while Twitter and Facebook focus solely on the mainstream consumer brand experience and its accompanying follower base, a LinkedIn Company page is probably the only place that you can cater to both external (consumers) and internal (employees) audiences. That’s a rare combination, which while possible on Twitter / Facebook, is way more powerful on LinkedIn, given the professional scale. (Disclosure: As a reader, if you don’t know this yet — I work at LinkedIn)

2. It’s just before the tipping point 

Getting in sooner vs. later on social platforms not only lets you claim your ground, but also helps you build a larger following faster. So, building a huge follower base on Twitter these days is more difficult than during those early days. On LinkedIn, the number of company pages, the audience and timing feels like it’s just before the tipping point.

It’s large enough to be a happening place (over 120 million professionals) but it’s not big enough that its unwieldy (only 2 million companies have their profiles on yet), so it’s a great point in time to create one for your company or small business before you get lost in the ensuing land grab.

3. Find a targeted audience and measure yourself

This is probably the most important reason for the right company in the right space (B2B for e.g.) or small business to capitalize on the opportunities posed by LinkedIn. The people on LinkedIn are different from the folks on other social networking sites.

As a marketer, if your goal is to reach professionals there is no better place on the planet than to engage with them on LinkedIn. Let the facts speak for themselves, but I’m amazed at how huge Fortune 500 corporations like IBM or Microsoft are on LinkedIn compared to their equivalent on Twitter for e.g. Here’s a sample:

1. IBM Company Page: ~450,000 followers, +10,000 employees
2. Microsoft: ~330,000 followers, +10,000 employees
3. Oracle: ~230,000 followers, +10,000 employees
4. HP: ~350,000 followers, +10,000 employees
5. Google: ~320,000 followers, +10,000 employees

And, I could go on. But, if you’re running social media teams at any of the millions of companies on LinkedIn and you’re not taking a more active role on your LinkedIn Company page, you should be fired.

And one more thing.

ROI. As someone who runs social media for a social media company, it’s my job to figure out measurement models on the key social networks that LinkedIn (the company) has a presence on. LinkedIn Company Pages comes with an analytics component that’s similar to the one you’d find on Facebook for e.g. More on that in another post.

In the coming weeks, I’ll delve into more Company Page details. Follow me here.

So, whether you work for a large company or a small business, you better be setting up a LinkedIn Company Page. And, if you have one already. Start talking, start sharing your updates now — to the people who matter most to your business: Your Employees. Your Customers. Your Prospects.