The social media industry is pretty new, despite the existence of “social media” for over a decade or so. But whatever it is, marketers want it and are even willing to increase spending through a recession. However, there are a lot of questions tied to that increase in spending.  A study by Michael Steizner’s has done a good job of rounding those questions up. Here’s the list with a few of my thoughts.

If you want the real answers, come to Social Media Boot Camp in Chicago.

What are the best tactics to use?

Give the campaign a long lead time, keep an eye on a few metrics (followers, friends, clicks, impressions), and make the campaign a habit.
How do I measure the effectiveness of social media?

Effectiveness varies. There are the soft and hard definitions. Softer definitions of effectiveness is just the value in being able to speak directly to a large audience of interested consumers. The harder definition is seeing how that attention translates into pushing links or purchases.
Where do I start?

Start by signing up for Twitter, Facebook, MySpace, and Youtube.
How do I manage the social balance?

I think you should have about an 80-20, non marketing to direct marketing message in your conversations on social media. Remember that supporting your industry is also just as important as pushing your own product.
What are the best sites and tools out there?

Naturally I’d suggest this blog, but I’d have to recommend web-strategist and TweetDeck as my favorite sites and tools.
How do I make the most of my available time?

Get tools to help you work more efficiently. (TweetDeck, Ping.fm) Remember, it’s like exercise. A little bit every day is more valuable than a lot all at once. Leverage content you create across multiple channels.
How do I find and focus my efforts on my target audience?

Create a “home base” (blog or corporate site) where you can tie all of your efforts together. List all of your web presences on that site and fill out your profiles. This will ensure your audience can find you.
How do I convert my social media marketing efforts into tangible results?

Be compelling and give people a reason to trust you. Then track how your efforts impact traffic and commentary. Even “warm fuzzies” generated by companies like Comcast on Twitter make a big difference when those customers may be spending over $100 a month.
How do I cohesively tie different social media efforts together?

Create that “home base” I spoke about before. Use the same profile photo, and ideally get the same username on each service.
Does social media marketing work, and if so, how effective is it?

It does work, but it effectiveness varies greatly by the service and goals.