Research has shown that the use of blogs and Twitter is becoming increasingly popular among F500 companies.

Now, there’s new data that indicates American small businesses are embracing social media, as well. In fact, the third wave of the Small Business Success Index™ (SBSI), sponsored by Network Solutions and the Center for Excellence in Service at the University of Maryland’s Robert H. Smith School of Business, reports social media adoption by small businesses has doubled from 12 percent to 24 percent in the last year.

Here are more key findings from the study:

• 75 percent of those surveyed have a company page on a social networking site.
• 61 percent  use social media for identifying and attracting new customers.
• 57 percent  have built a network through a site like LinkedIn.
• 45 percent expect social media to be profitable in the next twelve months.
• 50 percent of small business social media users say it takes more time than expected.

“In order to meet the growing challenges of a tough market last year, I was forced to consider alternative options to keep my business visible,” small business owner Dr. Alan Glazier, CEO and Founder, Shady Grove Eye and Vision Care , says in a press release. “With a very small investment in social media marketing, I was able to generate new business opportunities. Our Google ranking is consistently number one for many of the phrases people use to search for eye doctors in and around my city and we have received a “bump” in terms of new visitors to the site. My blog has been picked up by different news sources and led to media interviews. I am now recognized as a thought leader in social networking within my profession and lastly but most importantly, my marketing budget has been reduced by more than 80%.”

More details about the Small Business Success Index Report are available here.