If you are still unsure of the effects Social Media Marketing will have on your business, there are some factors you need to consider.  Social media sites are the fastest growing source of networking in America today. Over 80% of Americans are currently using at least one social networking site, and many are using more than one. If used correctly, social media can open all kinds of doors for your business in places you never really imagined before.

With that said, there are still some factors to consider before heading full speed into social media marketing. BulletproofBlog explains the six questions any business should ask before taking the plunge.

1. What are your social media goals?

What do you want to accomplish with your social media involvement? Do you want to develop new business prospects? Build a network of online brand ambassadors? Strengthen your position as an industry thought leader? Your goals will help determine the best platforms and methods for effective social media engagement. For instance, if you want to demonstrate thought leadership, start with a company blog or a Twitter profile, as these platforms are best for showcasing knowledge and expertise. To strengthen relationships with customers and cultivate brand ambassadors, create a Facebook fan page, use Twitter to respond to customer concerns in real time, or provide content or prizes available only to your supporters. LinkedIn can be an important asset for identifying new business prospects, and simply engaging with others on any social network can reap rewards as well.

2. How much time can you devote to social media?

In many cases, individuals and companies dive into social media expecting to be able to write several blog posts a day, send hourly Twitter updates, and actively manage multiple Facebook Fan Pages. But then reality sets in. The workload elsewhere picks up and most of these accounts lay dormant. Needless to say, five sporadically updated accounts are not nearly as effective as one or two regularly maintained accounts. If time is a potential issue, don’t start a blog without dedicated assistance from co-workers, as blogs should be updated at least 2-3 times each week. Setting up a LinkedIn company profile requires the least amount of regular maintenance, and Twitter is also manageable.

3. Who is your target audience?

The audience that you are trying to reach is the most important consideration in determining which platforms to engage. After all, certain demographics tend to have higher adoption rates on particular social media platforms. For example, believe it or not, Facebook has higher adoption rates among those 35 and older, while MySpace is predominantly the realm of teenagers and young adults. LinkedIn is far and away the most professional network, used primarily for business purposes. By carefully considering who you want to reach through social media and by thoroughly researching the audiences of each platform (most social networks maintain blogs or media kits that outline the precise demographics of their members), you can ensure the greatest return on your social media investment.

4. How difficult is it to get approval for updates?

Frequent updates to your social media profiles are crucial to achieving success. With that in mind, it’s important to consider the approval process for content at your company or in your particular division. Do documents tend to get held up for months before being approved to send on to clients? If so, Facebook or YouTube, which offer content channels other than original thought leadership – such as photos and video – may be a possibility. On the other hand, if your team is frequently granted a certain level of autonomy or if items generally only need one level of approval, a blog or Twitter feed could be solid options. But be realistic, and be sure to have the conversation internally right from the start about expectations for review and approval of each update, whether you’re sharing blog posts, Facebook updates, or Tweets.

5. How can you manage risks?

Despite all of its opportunities, social media also presents companies with a potential minefield: every status update, blog post, and Tweet lasts forever, even if it’s deleted from your account. But the rewards are substantial. Just as in traditional media, interviews and placements in the online space can help demonstrate thought leadership and provide an easy entrance point into social media. If there are concerns about how social media accounts reflect the official corporate message, consider leveraging employees as brand ambassadors, and thus providing comfort room between the corporate mouthpiece and social media presences. Alternatively, set up a forum for customers to share their thoughts and opinions, and therefore serve as brand ambassadors. This option requires active monitoring to minimize slander or false accusations. If your company has adopted a robust employee social media policy and understands the changing dynamic of online content, your options grow exponentially.

6. Can you recruit others to contribute?

Maintenance of even one social media profile can be a daunting task for a professional with myriad responsibilities. However, a tried and true solution is to encourage coworkers to get involved and contribute anything from ideas for content to fully developed blog posts. Chances are there are others at your company already involved in social media for personal use that would be excited to help contribute to the company’s online updates. Invite team members to share articles that could be Tweeted out, draft blog posts to be published, or develop discussion questions to ask your fans and followers. By providing employees with a stake in your company’s online presence, you not only generate more and better content, you begin to leverage your team as brand ambassadors.

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