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I think a corporate blog is a great idea. It's an opportunity to stay connected with the customers and show them that REAL people are really working on the site and keeping it current. When I see a new site online with updates within a week or so (dated) it tells me that people are indeed working the site and I can trust placing an order with them.
Plus theirs the value of the content and the extra visitors / links it may bring. The ability to promote particular blogs, thank certain customers or manufacturers, etc.
measuring the ROI of a blog would be pretty difficult though seeing as how a corporate blog wouldn't likely incorporate adsense or anything like that. It really wouldn't generate revenue... in an obvious sense at least.
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