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Dan,
When you're using IM, you have to do it in context with your audience. Is your audience using IM? Are they comfortable chatting with you?
It won't ever be a HUGE Win, but like all the tools, it depends on how you market it. One problem is a lot of people have different clients, so picking one doesn't work as well as picking a unified system like Meebo. Second, you have to catch people who already are on IM, so spending time in groups online matters, which is different than simply leaving a signup on IM.
People have resistance to trying something new - are you driving them to the IM? Are you writing about it on a blog? Do you have a landing page where you describe why IM works and what they can expect?
And once you get them, how do you speak to them? IM has its own language - do you know it?
Just some thoughts. IM works, but only in concert with an overall marketing strategy.
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