The document discusses the rise of social media and its importance for businesses. Some key points made include: - Social media enables two-way participation and dialogue between companies and customers. It allows direct access to customers and leverages existing marketing activities. - Businesses should use social media for market research, to reach new markets, foster innovation, build communities, and establish thought leadership. - Conversations on social media between companies and customers can build loyalty if companies market with transparency and honesty on these platforms. - To develop a social media strategy, companies should assess customer activities, objectives, participation platforms, and technology to use while maintaining transparency and community focus.