What’s the most effective networking tool you probably aren’t using to help you become more engaged online? LinkedIn Groups, says Geoff Evans, founder of Social Media Coach in London, Ont.

LinkedIn Groups enable you to connect with other professionals and join discussions about topics that are important to you and your business. You can show your affiliation with these groups by displaying group icons on your profile page.

“With well over one million groups to choose from, you have plenty of options,” Evans says. “You can contribute to existing conversations or initiate new topics. Or you can just monitor what is being discussed in the marketplace.”

Evans offers the following advice to help you get the most out of your foray in LinkedIn Groups.

> Check the status
A LinkedIn Group can be “open” or “closed.”

You can join any “open” group that interests you. If a group is “closed,” you will have to click to request an invitation. Your request can be approved or denied by the group’s administrator.

Once you have officially joined a group, you have full access to all that is being posted and discussed. You can even start your own thread. If you don’t want to join a group, for whatever reason, you can still monitor what is happening in that group, but you cannot start a new discussion.

> Monitor the mood of your target market
Participating in LinkedIn Groups is far more beneficial than joining a random web chat-room because LinkedIn Groups are easily tailored to specific interests or themes.

So, Evans says, you can use the groups you participate in as an informal “barometer” for trends in your market and, perhaps, a clue toward the kinds of products or services prospects are looking for.

Says Evans: “LinkedIn Groups help you find your community much more quickly than searching through the web.”

> Check with compliance
A word of warning: do not approach LinkedIn Groups as a vehicle for selling specific products or soliciting new clients.

Repeated sales pitches or comments about why a particular insurance or investment product is an excellent solution could land you in hot water with your firm’s compliance department. To make matters worse, you will lose credibility with your online audience, who may perceive you as a spammer.

Check with your firm’s compliance department before engaging in any new online activity.

This is the first installment in a two-part series on LinkedIn Groups. Tomorrow: Getting value from your group participation.