Social Media Marketing - How to...

Like everyone else, I've been reading more and more articles about social media marketing, how some top brands are doing it right (starbuck, zappos), some are doing it wrong (Habitat, RyanAir) and some just not doing it at all. But the main point that it keeps on coming back to, is How to do it.
First, you've got to decide if it's for you. Have you got the energy or manpower to actually find an appropriate channel or channels. This is something, that once started, can't be stopped. You're either in it or you're not.
So once you've decided which channel is best, or range of channels, after all, the more channels you use eg Twitter for customer service, Facebook for engaging conversations and promoting conversation, Youtube for videos etc, the more touchpoints you have.
Then you have to Listen. Don't just wade in, trying to sell your products, you'll quickly come out running with your tail between your legs. Listen to what people are saying, who they're talking to, what aspects of the conversation might concern you.
Then it's time to Interact. Be social, be funny (where applicable) be relevant, be helpful, consider your audience. Don't try to sell.
Then it's time to React. Having listened to what people have to say about your product or service, adjust it accordingly. Engage in conversation with people who have issues with your service - don't just ignore it.
Finally, the sales will come. Sell
It's proven that there is a direct correlation between the companies who are spending time engaging with their audiences and their financial wealth. It really is worth it.