Unless you have been living under a rock this past year (and, at times, I am sure we all wish we had) you have heard the term social media. If your email inbox is like mine, there are messages most every day promoting seminars, webinars, and white papers for the taking that will tell you what it is, how to use it, and where to sign up now to enter this fast lane of communication. So is adding social media to your marketing plan the next big revenue-building opportunity? Or is it just some shiny new thing that is grabbing attention for the moment?

With businesses from Fortune 500’s to your neighborhood restaurant developing a social media presence and finding value in doing so, it appears that  social media is quickly becoming a business changer and worth taking a closer look.

Social media marketing, according to Wikipedia, is a term that describes the “use of social networks, online communities, blogs, wikis or any other online collaborative media for marketing, sales, public relations, and customer service.”  Social media marketing is happening all over the Web, fueled by popular online platforms and tools including Twitter, blogs, LinkedIn, podcasts, Facebook, Flickr and YouTube.

The difference with social media marketing versus what we know as traditional marketing is that social media marketing is not just about pushing out our brand story; it’s about a two-way conversation. And, as it is with any good conversation, it requires listening. Listening to what your customers have to say, whether it is about your product, your company, or just their take on what is driving the industry, gives you a 360-degree view of their customer experience, brings the voice of the customer into the company and allows for an on-the-spot opportunity to respond to their needs.

We’re not in Kansas anymore
Like it or not, social media and the networking that results from it aren’t going away any time soon.  And like it or not, people are already talking about your company and your products. Partners, prospects, customers, and the competition are all actively engaging in social media. While the tools may change over time, the requirement to connect with customers more directly will only continue to expand. Business plans being written for 2010 will have to take a closer look at engaging in this space to stay relevant.

But as with any plan, the important thing is not to jump in just because everyone else is doing it (remember what your mother used to say about jumping off that bridge). Like any business venture, you still need to define the business goals you want to achieve and then put a strategy behind them. For example, do you have a push this new fiscal year for greater customer satisfaction? Or are brand awareness and product feedback driving your marketing plan? Once your priorities and goals are firmly in mind, you can make a strategic choice about which of the social media marketing tools make sense to use and how best to use them.

Where to start
Each social media platform has its own unique features, but fortunately they all share common characteristics. So while creating a social media marketing campaign may seem daunting, if you have access to the Internet and a strong message to communicate, you’re well on your way to figuring out what makes sense for your business. In the next part of this series, we will discuss the social media platforms that are most popular for business, their unique features, and the advantages you can gain from each. We’ll explore some of the most important places online where people go and have a conversation.

Your customers are now empowered to be your critics—or your evangelists. With that in mind, embracing them and joining in the discussion begins to make perfect sense.

Patricia Kilgore is president of Sterling Kilgore, a PR and Marketing Strategy firm. She can be reached at pkilgore@sterlingkilgore.com.