Blogging is the most cost-efficient business strategy any company can have in the midst of this dire economy. People on both the buyer side and the company side are reaching out to the Web and utilizing it.As Jennifer Evans Laycock of Search Engine Guide explains in the above video, consumers have less money to spend and therefore research their purchases more. Companies see their revenue falling and put a stronger effort on understanding their consumers. Usually the companies and consumers end up meeting through social media.Interestingly enough, many of these companies are small businesses that compete on a global level as a result of the abilities of the Internet. Social media is the key in making this possible since it does not require a large budget. Speaking specifically about blogs, Jennifer lays out several reasons why a business should have a blog:1.    Showcase your personality 2.    Create a feedback cycle 3.    Build a loyal community 4.    Create an emotional investment 5.    Increase your credibilityThese reasons for having a blog are also benefits of having a blog. Time is the only drawback to having a blog. It takes a lot of time and is a full time commitment, but it produces many benefits as evidenced in the points shown here.