The document discusses how social media has fundamentally changed the relationship between corporations and customers. It provides three case studies on how different organizations have used social media strategically: 1) CPSalumni.org used social media to reconnect alumni and facilitate conversations; 2) Ernst & Young used Facebook to engage with potential recruits; 3) Barack Obama's campaign used various social media platforms to energize supporters and spread their message. The document advises companies to identify target audiences and goals before developing a social media strategy and to see social media as a long-term investment in partnering with customers.