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Although social media is a relatively new form of communication, it has become the primary way retailers and customers are interfacing.

Social media requires that business leaders start thinking like small-town shop owners. This means taking the long view and avoiding short-term benchmarks to gauge progress. It means allowing the personality, heart and soul of the people who run all levels of the business to show.

Sales teams use social media to generate leads and track clients as they move through the sales funnel. Operations and distribution teams forecast supply chains, while research and development squads brainstorm product ideas.

As social is where consumers' eyeballs are, businesses must take ownership of their online company profiles. By providing their customers with a place to share content, social media managers can monitor and track content which directly relates to their brand.

Part of having a social media strategy is being smart about whom you follow. Ask yourself who is important to your company or brand. Figure out who needs to know you exist.

Concerned consumers are realizing that they can use social media to organize themselves around shared values to start effective movements. Social media gives them a sounding board to share ideas, as well as a means to punish irresponsible corporate behaviors.

Importantly, companies are using social media to do things that go way beyond just chatting up existing customers on Facebook. Sales departments use social to nurture leads and close sales. HR posts job openings and vets applicants. Community and support squads mine networks, blogs and forums with deep listening tools.

Social media has shaken up the world of sales, with Facebook, LinkedIn and Twitter offering new ways to hound leads and unprecedented insights into clients.

Social enables word of mouth at an unprecedented scale. Its most powerful effect, through reviews and recommendations, is to put product quality and value for money as the key to success in commerce. Social brings a level of transparency that prevents marketers from advertising their way to success without underlying product quality.

The new dynamics between brands and consumers, driven by social media, are proving to be a powerful impetus for change.