While social media may be the new standard for the modern market, merely having a social presence isn’t enough to reap rewards. While platforms like Facebook and Twitter broaden potential communication with customers, clients, and stakeholders, having an effective social strategy still takes a lot of time and expertise. Smart companies must carefully consider all their options.

Social networks have potentially huge benefits, but are not without their risks as well. Facebook alone currently has as many users as did the entire Internet in 2004. According to the recent Nielson Social Media Report, social networking activities are the second most popular activity online, behind downloading and playing music.

A company or brand must be clear with its goals, how it measures them, and must find the best tools for achieving them. Leveraging the huge audience available through social media can backfire. Just as successes are magnified, so are mistakes. Formulating a strong, clear strategy will keep missteps to a minimum, while simultaneous generating the most beneficial impact.