Social media is creating huge opportunity for marketers! Don’t believe me? All you need to do is look at some of the statistics being tossed around.  51% of people use social media and that same number has posted original content somewhere in the social sphere. 73% of people have posted a product review. 97% have searched for a brand online. Facebook alone has over 350 million global users with half of them logging on daily. That’s a market that is hard to resist for many marketers. What’s even scarier is that by the time you finish reading these statistics they’ll be out of date.

Also, according to Razorfish, these social media users are not averse to advertising; 66% of them friended or followed a brand, 65% have had their mind changed about a brand perception, and 97% say that social media has influenced a purchasing decision.

Are you ready to dive in? Great! But ask yourself these 3 questions first… and be sure to answer them honestly:

1. Do you have the ability to monitor your brand? It’s one thing to participate in the massive conversation that is social media, but if you have no mechanism for seeing what’s being said about you, your competition, your products or your employees, then it’s pretty difficult to add any real value to the conversation. Invest in a social media monitoring solution. There are great third party tools out there such as Radian6 or Techrigy (now Alterian), or you can build your own using Google Reader. Don’t know how? Contact me and I’ll show you. Or you can work with a company (like OnFlow) to help you track your brand online.

2. Are you prepared to be transparent in your communications? Social media has created a forum for people to voice their opinions like never before, and if they feel that they’re being sold something that may be too good to be true, they are sure to talk about it. Admit your short-comings and mistakes as quickly as you would your triumphs and successes and you’ll earn people’s trust – the best currency there is in the social sphere.

3. Do you have something of value to share? This question may seem obvious, but just take a look at all the Twitter accounts that provide worthless content. Companies that Tweet their About Us website page in 140 characters over the course of a week are adding nothing of value, and likely creating detrimental brand exposure. Create original content that would be of value to prospects and clients and then expose it to relevant social media channels, while spreading other people’s content as well.

There’s a ton more that you’ll need to consider, but if you answer “NO” to any of the above questions, then it’s not worth discussing as yet. Social media affords huge opportunity, so get your wheels in motion!