Every company, every marketer often dwells on the ROI for social media, and there’s a popular misconception that relevant metrics are lacking. While it’s true that standard metrics are evolving, there are many ways to measure the impact of social media on a company’s marketing performance.

Walking into a ballgame, you are likely to hear someone shouting, “Program! Get your program! Can’t tell the players without a program!” I can’t think of a better analogy for developing a “best practices” social media program: its all about nailing down – in writing – who you need to connect with online, what you are trying to achieve with them, and knowing what to measure so that you will know if you have achieved your goals.

When looking at the value of social media tools like Twitter, we need to realize the real value isn’t the tool itself; it is the information the tool has to offer.

If the company is going to achieve and maintain a brand value using social media, it will need to first understand the company’s stake in the marketplace and the value it offers to its customers. The value proposition is all about the customer. What matters to them and how you can deliver value that differentiates you from your competitors.

Many marketers stepping up to embrace social media are bringing their old “push strategy” skills to a new “customer pull” reality, making a critical miscalculation. The social media phenomenon is not just a new set of communications vehicles for your company to broadcast its value proposition and messaging to a target market. It is about customers wanting and needing relevant information to make better decisions and to share with others. Over the years they have become jaded by the packaging and spin that typifies most marketing and advertising campaigns.

More than eight out of 10 North American and European enterprise IT decision makers said word-of-mouth recommendations or testimonials are the most important sources when making buying decisions. Obtaining these recommendations and testimonials becomes easier when B2B social media practices are put into place—turning your customers into brand advocates.

Step one: Before you start, establish clear business objectives and metrics.

What surprises me is how many blogs and podcasts or even Facebook groups and Twitter sites are started as an executive pet project. That may relieve some pressure to demonstrate ROI, but as a marketer responsible for social media initiatives, you should never move off the starting mark without clear and measureable business goals.

Many companies are embracing social media as a way to reach stakeholders, create a dialogue, and demonstrate that it understands the worries and needs of its audiences. Now the question arises, are you implementing the right social media tools effectively?

The social media bandwagon is beginning to overflow, but who’s going to drive? Advertising agencies? SEO companies? I think the best choice is public relations.
This might fly in the face of the current online chatter about the death of PR at the hands of social media, but I think like Mark Twain and Jeff Goldblum, [...]

Maybe it is because they learned their lesson when they originally blew off blogs, but newspapers are embracing social media in a big way. Recently, the New York Times went so far as to hire a “Social Media Editor” who’s only job is to expand the use of social media by the New York Times. [...]