Social media has risen as a strategic shift that gives consumers control over links and information sharing through wisdom of crowds and conversations. Successful companies discussed in the document include Dell, Houlihan's, and Del Monte who have embraced social media as an integral part of their marketing plans by engaging in conversations on platforms like social news, sharing, networking and bookmarking. The document emphasizes that social media requires research, planning and authentic conversations rather than being treated as a fast solution or done without proper strategy.