Web 2.0, Social Media, Facebook, MySpace, Linkedin….what do they mean to you? They can mean increased traffic to your website, improved SEO, and better search generated traffic or they can mean a huge loss on your investment. The most important thing to know when getting started is that there is no one-size-fits-all approach.

Social media has changed the way we interact with each other, with places, and – most importantly to you – with the brands we purchase. It has made making phone calls to friends a thing of the past and traditional marketing tactics obsolete. Social networkers are skeptical at best, they trust and they seek advice from virtual strangers. For marketers, this means re-evaluating your target and re-designing your marketing strategy in a way that encourages this interaction and takes pro-active steps to counteract brandicide by a  disgruntled blogger.

The first step is determining which avenues are right for you. Web 2.0 includes blogs, wikis, social networks, podcasts and more. Depending on your goals, some or all of them may be right for you. A wiki (think Wikipedia) is typically an avenue for fact-finding rather than marketing, but they do help your presence and search engine optimization. Keeping tabs on blogs that mention your company is a great way to interact with your buyers. Because blogs are more up to date than other online sources, they tend to show up first in search engines – sometimes even before the brand’s own website! Good or bad, blogs are an opportunity to make or break your brand.

As for social networks, there are hundreds out there. Finding your way can be daunting, but a little planning can help. As with any marketing, know your demographic. Compare them to the network’s demographic. If you are targeting 40-something DINKS and the social network is comprised mostly of 17 year old girls, you are operating at a loss from the start.  Once you’ve found the right audience, find out what they are really looking for. Is it informational content, podcasts, widgets, or all/none of the above? Keeping in mind that this will change – often.

Whether you are using wikis, blogs, or social networks, there are two key things to keep in mind when planning your social media strategy. You must constantly be aware of the changing webosphere and you must be flexible.