Back in April, Compendium CEO Chris Baggott made the following statement in a post to his blog:
Stop thinking about Blogging as a top-down, CEO thought leadership thing, and stop thinking that you are going to implement a “Social Network” and all your fans will come out of the woodwork to post their praises.
This is a position we continue to stake out in promoting our product, and it's an idea that's starting to catch on with others. 

Take for example a recent post by Kevin O'Keefe on his blog Real Lawyers Have Blogs.  A fellow law blogger had commented on how hard it was for a new blogger to build up a loyal readership in an area that's already saturated with popular bloggers.  O'Keefe responded by saying (emphasis mine):
I don't believe you should decide whether to blog on a subject based upon the existence of other blogs on the niche. In fact, there can be an advantage starting a blog on an area of law where there are a number of successful blogs.

The goal of a law blog is not just to become one of the most widely read, ie, in the top 3 or top 10 in employment law. Blogs can be used very effectively for networking, reputation enhancement, and business growth even where there are other popular blogs on the subject.
This is exactly the point we have been making.  You grow your business by acquiring new customers who find you're out there providing services that they might need.
 
O'Keefe cites the reputation enhancment that blogs can bring, and it's not just the boost you get from citations from your peers.  It's also the elevated reputation you gain from search engines as you write frequent posts on matters that are recent, relevant, and keyword rich.  It's why blogging for SEO is so critical to blogging success.