One of the major goals for companies should be to make sure they accurately hear what their customers are actually saying, whether they like or dislike products or services and ultimately whether they are advocates, detractors or evangelists.

Business success in the coming years will require companies to harness the power of social conversations, as the youngest and oldest members of society are dramatically embracing platforms like Twitter, Plaxo, FriendFeed, Plurk, MySpace and Facebook forums, and blogs to connect and collaborate in real-time communities. And it’s not just the volumes of conversations but the velocity that’s changed the equation. Today, these brand conversations can move with astonishing speed, around the world several times before companies are aware of it.

In addition, not every Tweet or Facebook post is created equal and “hearing” what customers are saying is just the first step; context is just as important, followed by engagement. Companies that engage with consumers will find that they have the ability to guide their brand; while those that don’t will find their brand disconnected from consumers and destined for failure.