I think the issue with Social Media is that people see it as ‘the next big thing’ even though the ideas around SM have been around for a long long time.

Social Media today is another tool to engaged clients. It’s as simple as that. As John said in his comment, Social Media can be another channel.

Companies can choose to view Social media:

- As simply another channel, another way of engaging with your clients, and potential clients. Companies must must step back and consider how social communication tactics fit into their current strategic goals.
- As part of a new strategic direction. This is too much for most public companies to fully embrace as it would require a level of transparency that could have legal ramifications if not carefully managed and monitored.

In my opinion companies should consider the following:

- If you are an SMB, non-public company, make the use of social media a strategic initiative, you will be richly rewarded if done well. Of course, if done poorly you will be penalized.
- If you are a publicly traded company consider Scott’s advice carefully. If you begin by exploring social media as a new communication channel you could find great rewards for applications like support, marketing/branding, and possibly even social CRM in the very near future.

John Moore
http://twitter.com/JohnfMoore