Marketing, in its simplest definition, is communication.  Historically this communication has been one way - initiated by a company toward prospects and customers, and often purposely one-sided (the difference between talking at someone versus talking to them).  Social media has the power to take your company to the next level by conversing with your audience.  Just as the telephone made conversations two way (versus sending a letter and waiting for a reply back while circumstances around may have changed), Social Media allows you to bridge this communication time-distance gap.  Every business can take advantage of some aspects of Social Media, the trick is determining what’s right for your business.  Consider the following for your company:

• Expand your marketing department – 2 of the top 5 Superbowl 2010 ads were created by customers as part of a contest Doritos ran.
• Allow prospects to interact with you and your customers outside of your “office hours” – Make your blog a place where not only do you share information, but you get feedback from your market. 
• Use discussion boards and the concept of community to engage your audiences.  Don’t brag, don’t do commercials - sharing relevant information of interest is the way to gain friends and fans.
• Track what’s being said in your industry, about you, your markets and competitors.  Use Google Alerts and Twitter Alerts.
• Maintain and track your reputation.  Remember the old adage, “For every bad experience you hear about, there are 10 more that you don’t (hear about)?”  Consider that in today’s world that means anyone can create a Twitter account, blog, or Facebook account and share a bad experience they’ve had with you.  Knowing what that experience was and addressing it before it goes viral will keep your reputation stellar.

Have additional tips to share on how you’re using Web 2.0 and Social Media?  Please share below, and if you’re a business owner who would like to join us for one of our upcoming “Social Media Matters – Setting Your Strategy” sessions, please visit our registration site. You'll hear great tips from the CEO of iMarketing, Keith Kochberg while brainstorming with Peer Business Owners on how to address marketing challenges & opportunities today.