Social media can be both a waste of time or an essential business tool. It allows companies to create buzz around their products, see what people say about their brand, and engage in conversations. TripAdvisor is an example of a successful social media platform, with 30 million unique visitors per month who provide 20 million reviews of hotels and B&Bs. Companies should make use of free social media platforms like Facebook, YouTube, Flickr, and Twitter to engage with customers and monitor discussions.