That social media is the new phenomenon that will soar to greater heights is a known fact. Now, the who’s who is on social media and social networking sites are trying to make the most of the technological revolution ushered in by the leaders in the industry – and for them, the possibilities are endless.

There are many who realise the importance of social media for their businesses; there are many, who feel they need to do something about it, but aren’t quite sure as to what to do with them and how to go about it. So, what is social media and where does it fit in with your broad business objectives? Is there something for everyone in social media or is it just for the select few who have somehow mastered the art of doing business and making money online? For a novice, what does social networking mean and how can he make the most of this phenomenon?

Stakeholder Engagement using Social media: Well, social media has many applications, the least of them all being the ability to engage with people whom you want to connect with and communicate. If you are in business for a while, you would know the importance of and the challenge associated with communication. Invariably, communication doesn’t convey the message that we intend to convey, given the loss of signals in the media that we use to communicate. Quite often, the message doesn’t reach the recipients in the right format due to loss of or lack of attention on the part of the audience. This brings us back to the issue of Stakeholder engagement.

Social media is a tool that helps you develop and encourage customer or employee engagement with your business. However, social media is just a tool and how you go about utilising the benefits that it provides and how you leverage your communication ability and keep the audience intact is entirely up to you.

If we consider Twitter, this tweeting bird has virtually redefined the rules of communication and what could be made possible in the world of customer engagement. You could, perhaps, start off with Twitter for your customer engagement objectives. And there are a few guidelines for using Twitter for business purposes is concerned. Here we go:

1.       Do not plan your business around Twitter: It is one thing to use Twitter for your organisation or for your business purposes; it’s quite another to form your strategy around Twitter. As I said, Twitter is capable of delivering the magic for you, but would do that only as long as you know how to wield it. If you heard that social media is the next big thing and you started banking on it for your business, pull yourself back, think and decide – you can not possibly win in an industry that you only heard it provides great returns. Use Twitter and social media – but do not bank on them for your business, unless you are a pro.

2.       Do not sell on Twitter: If you have decided Twitter is good for your business, go ahead. But before that, decide what you can do with Twitter. If you have a product for sale or if you are into referral marketing, you have a good tool at hand. But do not try to sell your product with Twitter – you have your website for that. Twitter is an engagement tool, not sales equipment. You can not possibly close a sale on Twitter – at least, not yet.

3.       Follow people who matter: You have your proposition and you have your business plan. But you can not keep talking in the wild. You need to add to your knowledge and you need to know what you can add to what you have. Find the right people on Twitter and follow them. Make sure these are people or institutions that are in line with your overall objectives. If you have a technical product, follow people who are in the know of technology and its trends. The idea is not to keep listening to all that people say – but to start off, you need to listen before you talk.

4.       Follow people who could be your business prospects: Now that you follow people who matter to you, get to know those who could possibly be interested in what you have to sell. Twitter is searchable – search for keywords that are related to your product offering. You would have a list of people who have tweeted about or in relation to your product or service. Start following them – and you could expect them to follow you, if you have a value proposition.

5.       Have a value proposition: Give something to get something. Do not start off with your sale straight away. Remember: Twitter is not the place to sell. Now that you have an idea of what people use Twitter for, give something to people who are looking for stuff related to your industry. If you have a suggestion or an advice, go ahead. If you have a few tips, write them up in your blog and give it to them with links. Be creative – there are no rules or limits.

6.       Engage your followers: Once you have got to this stage, you need to engage your audience. For instance, Forbes Magazine did its first “Twitterview” on Twitter, as it interviewed the MD of Bajaj Auto on Twitter and announced it to its followers. Bajaj is a newsmaker and has been in the news for the company’s decision to stop scooter manufacturing in India. Now, people know Forbes is happening in Twitter!

Twitter and Social Media are long-run processes that need to be handled with care, strategically. If you can manage to do that, you are done with your business promotion and eventually, your sale.