The internet has changed the way we do business-indeed, our whole society--in ways unthinkable even ten short years ago. The sheer connectedness of the World Wide Web is what wowed people then, and still does today. But the "web" is no longer just a collection of servers talking to each other, with all the content controlled by a handful of people who understand how to create HTML pages. Now everybody can connect to the entire world all by themselves, using any number of social networking sites that have the power to create overnight sensations.

Social media marketing capitalizes on the popularity and reach of sites like FaceBook, MySpace, Twitter, Blogger, Flickr, and dozens of others to build communities of common interest. Blogs, chat forums, collaborative sites like Wikipedia, opinion or review sites like ZDnet, educational or tutorial sites like WebMonkey, or gaming and other entertainment sites have the capacity to draw huge audiences all wanting specific things. Companies who create sub-communities within existing communities such as MySpace, or create a new "destination" offering useful information, can lift their brand awareness without overtly marketing their products.

Daily or weekly blogs offer useful information and provide a reason for visitors to come back often. Many times, a product's users, like Harley Davidson enthusiasts or skiers who like a particular manufacturer's skis, like to come together to discuss the pros and cons, the ways they have customized their products, or new ways to use them. These communities are self-sustaining; the manufacturer merely needs to provide the forum and keep order, while providing new content as needed.

Targeted advertising on established sites can return high value for the marketing dollar with little to no additional effort by a company to establish the forum in the first place. However, taking a proactive role in creating a community gives a company more control over its look and feel and content, reducing the chances of illegal uses of the company's logo or product images degrading the brand.

If you thought that MySpace was just for chatty teenagers, think again. Smart companies once embraced the web itself as progressive; now they must continue to think outside the box to capitalize on the full power of social media marketing, or miss out on some golden opportunities.