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Admittedly, there are individuals who have made money from blogging, most notably in the field of fashion with blogs like The Sartorialist, which is written by a New York-based photographer who is now invited to fashion events worldwide on the strength of his work. Similarly, Los Angeles-based gossip columnist Perez Hilton - a failed actor and magazine journalist - has made a fortune from his blogging, which now extends into bestselling lines like t-shirts and other associated merchandise.

According to consultancy WebTrends, which advises companies such as Microsoft, Ticketmaster, Ikea, Reuters and General Mills on how to improve Web-based ad campaigns and boost Web-based relationships with their customers, just 5 per cent of businesses use blogs on a regular basis. It says that, while many businesses understand the value of blogging, few are doing anything about it - preferring to use more traditional forms of Internet-based marketing tools such as direct email.

Nick Sharp, a Vice-President at WebTrends, says this is a mistake. "Blogging is much more than a 'nice to have' in business today," he says. "With the power to publish, share and influence, this new consumer movement is impacting every aspect of the business world. Some experts predict that businesses that are not blogging now may not exist in a couple of years.

"Corporate blogs can be very effective communication tools within or on behalf of a corporate community. Not surprisingly, more firms are paying greater attention to what bloggers are saying about them. A dissatisfied customer airing negative views can damage corporate reputation over night."

Sharp believes that, contrary to some predictions that blogging will fade as the medium's novelty value wears off, new bloggers will make up for those giving up out of boredom. However, he warns blogging can be somewhat hit-and-miss when used as a tool by companies. A recent survey of 200 Internet marketers conducted on behalf of WebTrends found businesses using internet-based marketing tools like podcasts, direct email or online competitions have been more satisfied with the outcomes than those that have used podcasts.

Part of the problem, Sharp warns, is that businesses that commit to going down this route often fail to invest enough in them. "This is a blind spot for business. There seems to be little point in utilising a tool - only to not invest time and money towards measuring its performance and whether it can be successfully linked into wider marketing objectives," he says.

Some companies, it is fair to say, have tried to capitalise on blogging.

Financial data and news provider Reuters was one of the first to spot its potential. Some telecoms and technology firms have also been quick to try to exploit it, such as Swisscom Mobile, which has announced plans to make available a 'personal mobile blogging' facility to all four million of its subscribers.

Charles Dunstone, founder and Chief Executive of Carphone Warehouse, has also won accolades for his personal blog on the company website. When Carphone launched its broadband service and was blown away with the response, it struggled to cope with demand, leading to unhappiness among customers. Dunstone used his blog to demonstrate that the company was trying to tackle the problem and was not deaf to the complaints of customers.

Meanwhile, US budget airline Southwest Airlines, has been running a blog for more than a year for its customers, which it describes as a 'virtual focus group'. Some 30 of its staff contribute and, according to Southwest, build personal relationships with customers in the process.

One post, by Chief Executive Gary Kelly on the vexed topic of assigned seating, generated nearly 700 comments from customers - and the response convinced Southwest it should continue with its open seating policy.

Colleen Barratt, the airline's President, says: "When we first started the blog, I often told folks that I considered it to be a great customer service 'laboratory', if you will, but it has evolved into much more than that. It takes time to build a trusting audience in the blogosphere but we are really starting to build a strong online community."