1) Social media are different from traditional media in that they allow for two-way communication and encourage participation from users. 2) There are five key things to remember about social media strategies: be social, be co-creative, be open, be rewarding, and be evaluated. 3) There are also five common business models for social media: the media model, freemium model, app model, golf club model, and intranet model. The presentation provides details on each model.