Since more than 75% of all Americans are actively participating in some form of social media through forums, blogs and sites like Facebook, Twitter, LinkedIn, MySpace, Plaxo and YouTube, companies need to understand what consumers are saying, why they’re saying it and how their consumers dialogue has the potential to directly and dramaticly impact business. As part of its 2008 NAT Survey, Forrester Research found that:

• 37% of all U.S. online adults are “critics” who contribute to online forums, post product reviews or comment on blogs.
• 21% are “creators” who develop and upload original content.
• 69 % are “spectators” who read blogs, forums and review sites.

Not only do these statistics represent tremendous growth over 2007, but it’s highly anticipated that the 2009 report will reveal even more dramatic increases. As the volume of conversations and the proliferation of social technologies that encourage social participation grow, companies must make sense of the new channel for consumer interaction. Organizations need to think less about social media as just “consumer chatter” and more about how to understand, digest and invest in the science behind what consumers are saying – and most importantly, join in and participate with their consumers where they have congregated.