Do make sure that your company has it's own website. It would be extremely foolish to rely solely on someone else's website. Look at how fast Myspace came and went. It is most likely that these sites that we rely on heavily now will change and some may even disappear. Make sure that you have a mailing list that your customers can sign up for directly on your website. This will eliminate you relying solely on the lists of sites like Facebook and Twitter. If you make sure that your own website is consistently up to date and linked to, this will greatly benefit you in the end.
Do not ignore your customers! Social media marketing is about the people you are connecting with. If someone leaves you a comment it is important that you respond to it quickly. Even if it is a negative comment it still needs a response. Every source of feedback should be viewed as an opportunity to respond and improve so that you keep everyone happy and coming back for more.
Do create a blog. It is hard to get your message across with just a few characters. Some customers may not need the extra details, but some may like reading more and feel more in the loop. Provide links to your blog whenever you can so that the customer can have the option of reading more, or just absorbing your quick message.
Do not over do it with status updates and Tweets. Your customers want highlights, not a play by play of every single thing that is happening with your business. Customers will become annoyed if you are constantly updating your status every few minutes. Many will likely stop following you if you overwhelm them with too much. It is all about finding a good balance. Just think of what you yourself would consider too much if you were the customer.
Do follow and like others. Supporting other businesses is super important. The basic principals of social media revolve around connecting and networking with others. It is vital to participate in these aspects of the media world. Even if you don't like something, for the sake of you own business, "like" it. Not only will it be showing support, it will also get your company's name out there to a lot more people.
Finally, here are a couple of videos that I found that I think you may find useful:
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