Forbes - From social networks to collaboration networks: The next evolution of social media for business

(Desautels' Karl Moore and Peter McNeely, a 2012 International Masters in Practicing Management candidate from McGill)

To date, companies have embraced social networks by setting up Facebook and LinkedIn pages. Many view these as an extension of their current marketing mix and offer product information, sales notices and contact information which is no different from their website. Many companies have also started using Twitter as a broadcasting medium, tweeting when they have new products or are having a clearance sale as a syndicated one-way communication with its followers. Really savvy companies are using new software monitoring tools to search social media for discussions, comments, and complaints by customers and employees about their company and products and services. In many cases, they get some great information that they use to improve their product or service, and sometimes they even contact people who complain to gather more details as indicative about how other customers might feel.