Many companies are still trying to figure out exactly how to leverage social networks. In fact, according to the results of a national survey performed in 2010 by DMA-COLLOQUY, nearly two-thirds of the 350-plus marketers polled selected "don’t know" when asked to identify the most important measure of social media success.

So what should companies be doing to win in the social networking space? Here are five basic ways companies are currently using social networks to enhance their relationships with customers -- and ultimately boost their bottom line.

1. Designing or Improving Products and Services

Companies routinely use Twitter and Facebook to launch campaigns that get their customers and prospects involved in new products, services, and features. Even if your research is second to none, you never know what innovations customers might have.

2. Enhancing Lead Quality

Sales teams can use social-networking sites to built prospect lists and dive deeper into what might make for a relevant approach. For example, as Sales 2.0 Conference speaker Anneke Seley writes on her blog, salespeople can use various social networks to find out all kinds of useful information. "We can read their personal and company blogs and Twitter streams to find out what they are thinking about and what’s going on in their business and industry. We can check out their connections, work histories, and slide presentations on LinkedIn. We can discover their friends and hobbies on Facebook. And we can view their personal and company videos on YouTube."

3. Building Customer Relationships

What’s more powerful than conversation when it comes to creating relationships? When you get your customers involved in discussions about your products and services, they become part of a community. It only makes sense to position your company and offerings at the center of that community.


4. Expanding Your Reach

Online conversations have something phone calls and surveys don’t: the potential to go viral. Why? Because social networks are essentially public forums. You send out a tweet that followers like or find useful, and they retweet it, spreading the word to all of their followers. When people like one of your status updates on Facebook, it gets more attention in news feeds. This is the kind of popularity contest you want to win.

5. Monitoring Brand Awareness

Social networks are a quick and easy way to take the pulse of your customer base. How do customers feel about your company? How well do they like your products and services? What are bloggers, fans, and followers saying about you online? This is your opportunity to get a sense of what kind of buzz your company is generating among the people who matter most to you.