Social media refers to internet and mobile-based tools that allow people to share information, photos, videos, and audio. This sharing and interaction between people helps form shared meanings and perspectives within communities. There are five key characteristics of social media: participation, openness, conversation, community, and connectedness. Social media conversations occur on sites like Facebook, blogs, podcasts and wikis and can take place between customers, employees, investors, and others. These conversations are not organized or controlled and can provide insight into markets by listening to different perspectives.