You may have heard of word of mouth advertising (WOMA) - this is what happens when you get your business message to market just right, when you have excelled with customer service, when your product or service under-promises and over-delivers. Word of mouth was, is and always will be a fundamental part of your business moving forward, it's something you need to focus on directly through constant improvement, attention to detail and over-delivery. It's hard work but worth it at the end of the day.

WOMA has now been augmented by WOSM.

No, I'm not talking about the World Organization of the Scout Movement, nor any esoteric reference to S&M. WOSM stands for Word Of Social Media. The stakes are even higher than WOMA where if you had one person bad mouth you or your business, the effects would spread far and wide. Now if someone takes issue with you or your business, it can be around the world on a blog, reblogged, syndicated to hell and high water before you know it.

Your personal, professional and business reputation is now up for discussion 24/7, 365 days a year. Is this something to get all hot and bothered about? You've heard of the saying:
"God grant me the serenity to accept the things I cannot change;
The courage to change the things I can and the wisdom to know the difference"

You need to accept this "reputation exposure", there is nothing you can do to avoid it. You accept, embrace, adopt, use and get used to it. Remember this is a plus in your marketing arsenal, do it right and you will have a new and perpetual source of prospects and customers.

Now let's talk about the downsides of social media and social networks in your business life.

#1 Overwhelm
Like any business owner, you have only 24 hours in a day and you're likely working way too hard already. Getting involved in this new social marketing arena is an even bigger drain on your already limited resources. It's a must do in the short to medium term so you need to plan your marketing accordingly.

#2 The Continuum of Conversation
Engaging in social networking sites and using social media tools is back to a fundamental "direct marketing" starting point. You are "talking to" a large group of people, so it's a form of shotgun marketing rather than using a rifle. This is a broad analogy as you can engage in social networking on a one is to one basis. If you have a specific niche and are looking to interact with people on a one is to one basis, this is ideal, if you have a large market, it's not so easy.

Regardless of the type of market you are interacting with, large or small, there is a fundamental difference between direct marketing and using social media. With social media, "direct marketing" is a no-no. You can still use "direct marketing" in the context of social advertising but when it comes to social networks in general, if you go out saying "HEY LOOK AT ME, BUY MY STUFF", you will have your account closed promptly and no doubt exposed your reputation to attack.

You need to interact with the community you are targeting, add value, engage in conversation and then gently persuade your prospects to enter your sales funnel (which is on your own website(s) well away from the social community world.

#3 Mass Relationships
This is not a new online problem but it is made worse by the massive social networks online. If your target market is relatively large, there is no way you will be able to personally give attention to each and every person your message reaches. To help, overcome this, you will have to automate your business using autoresponders and other tools.

Just because there are lots of people on the other end of your message does not let you off the hook with the "personal touch". You still should follow up with as many individual customers as you can and try to foster relationships to develop your customers into advocates of you and your business.

Part III Coming Soon: Business Tips for Social Media and Social Networking

Further Reading

#1 Blog Potomac

Blog Potomac: As a Sales Professional, are you Part of the Conversation?

Potomac Blog was the Washington DC, Metropolitan area's first collective attempt to bring Social Media experts under one roof for an unconference.

Initiator, organizer, champion and MC, Geoff Livingston, proudly announces…

#2 Ron Shevlin's Marketing Whims

Emily Riley of Jupiter Research recently wrote a blog post titled Getting Started With Social Marketing. Among her suggestions: Start listening, tap your own databases to understand what customers think of you, integrate social media with existing marketing campaigns, align goals with measurement, and start small on your own site…