Kathy and I were recently given the opportunity to review a copy of the Social Media Survival Guide: Everything You Need to Know to Grow Your Business Exponentially with Social Media by Sherrie Madia and Paul Borgese (Full Court Press, 2010). It's no secret that social media has taken the online world by storm, but according to the authors, many top companies are dropping the ball. They site statistics that 73 of the Fortune 100 have registered a total of 540 different Twitter accounts, but that more than half of these accounts (52%) are rarely used, and fully 15% are inactive.

Companies of all sorts make major errors when it comes to using social media to market their services and products or to communicate with current and prospective customers. Here, according to Madia and Borgese, are the top-5 social media mistakes businesses make:

Mistake #1: Diving in without a strategic plan.

Don’t start podcasting, blogging, Tweeting, friending on Facebook, and posting YouTube videos until you know what your messages are, who will manage them, who your audience is, and how they and you are going to benefit from the content and relationships.

Mistake #2: Not having a social media policy.

Your social media policy needs to outline how employees behave in the online universe during and outside of work. It should include education on style preferences and confidentiality. All messaging coming from employees should be aligned with your company’s values and brand.

Mistake #3: Failing to tailor the plan to your target audience.

Hone in on sites, tools, and applications your target audience is using. Is your audience out walking in the park most afternoons, without so much as a cell phone? Or are they technology lovers who are never parted with their BlackBerry or iPhone? Research your target market to find out who they are and how to reach them.

Mistake #4: Producing weak, unfocused, or unhelpful content.

The same messaging rules that apply to classic public relations and branding apply to social media. Create strong, smart, well-thought-out content that adds value to your customers’ lives. Don’t waste their time with self-serving promo. Give them something they can use—tips, incentives, product information, new ideas, fun, and inspiration.

Mistake #5: Allowing your social media efforts to stagnate.

Gone are the days when companies could put up a website that sat on the screen like an electronic business card. Social media is about maintaining a dynamic conversation between you and your customers. Equip your content for the RSS-share-save-post-to revolution so it gets out there in multiple places. Answer blog, Flickr, and podcast posts; respond to Tweets; engage “friends.” Remember: Social media, done right, is not a one-off campaign by a handful of staff; it’s a long-term corporate commitment.

So if you're going to make social media a part of your marketing or communications strategies, then you've got to dedicate the resources necessary to drive your presence and messages forward. To do anything less is a waste of precious time and money, and it can potentially give your company a big black eye with the online world.