Web 2.0 has increased the ability to communicate and collaborate across the World Wide Web. As a result, social media/networking sites have popped up everywhere and have become the darlings of the small and home-based business world because there is virtually no cost to participate and it casts a very wide net.

However, because of its size and accessibility it can also become a very time consuming and overwhelming endeavor. Creating a plan that is focused on the audience you want to reach and is practical for the amount of time you can devote will make utilizing social media a breeze. All you need to do is set goals, do the research, make a plan, take action, and maintain your strategy.

Before beginning the strategy, jot down a few goals that you wish to achieve as a result of participating in social media/networking activities. Make sure they are specific, measurable, attainable, realistic, and timely (S.M.A.R.T.). Listing a goal of "I want to increase traffic to my website" provides no clear way to quantify or assess your results.

A better goal would be "I want to increase traffic to my website resulting in 200 new leads in the next 6 months". This goal follows the S.M.A.R.T. protocol and the results will be very easily tracked. Keep your list of goals to a minimum (4 - 6), they can and should be updated regularly.

The next step is to conduct research on social media activity in your industry. Spend the time to search blogs, forums, and niche social networking sites that relate to your industry. Also search the big three social networks (Twitter, Facebook, and LinkedIn) and make note of how your competition is represented and what they are doing.

Keep a list of all the sites peak your interest, we will use these in our plan.
Once you have your goals and an idea of what sorts of avenues are available for your industry its time to start planning. Your plan should include the who, what, how, when, and why of your goals and will be backed up by your research.

Example:
What is going to increase traffic to my website? (Goal) Since I've done the research I now know that a blog and a facebook group are the best way to funnel traffic to my website. (Research) Once you have answered each of the questions and prioritized them - your plan is complete.

Now it is time to take some actions. Your first action step would be to create profiles in the sites that you have chosen. Make sure you are creating the best profiles possible by utilizing any extras that the site may have. For example in Twitter you can create a custom background, in LinkedIn you can pin your blog to your profile page, and in Facebook you can create a personalized web address for your group page.

Remember to add tracking and evaluation to your action steps so that you may occasionally stop to measure the results of your strategy and make any necessary changes.

The last item in your social media plan is to maintain your presence and manage your online reputation. Make time everyday to contribute to the sites in which you participate. Post on your blog at least once a week and interact with the members of your Facebook group regularly.

Don't forget to keep up with what people are saying about you...if there is a problem you want to be able to address it immediately. Remember that social media is all about communication and collaboration don't use this medium as a hard sell tactic, instead try to create relationships and form common bonds with other users on the sites. You'll be surprised by the exponential growth of your network and the opportunities it will create.