It seems like the pendulum has swung too far on social media.  There are some camps that treat social media as a panacea: “Anyone can do it and it’s free!”

That last part really irks me.  Sure, there are lots of free tools that can help you monitor conversations, distribute content and engage with influencers, but unless you think your time isn’t worth anything, social media is most certainly not free.  Cost-effective, yes, but like most things, it takes time to do it right.  And for most people, time is valuable.

But beyond the financial question, effective social media requires a sound strategy based on developing answers to some key questions:

• What are my business goals?
• Who are the influencers shaping my market?
• What topics are those influencers discussing and where is the discussion taking place?
• How can I contribute to the conversation and engage those influencers?
• What does success look like for my company?

Yes, the good news about social media is that it’s easier than ever to create direct connections with people who matter, but for successful B2B social media campaigns there’s simply no way to skip the strategy step.  Just like with any other marketing program, sound strategy and smart execution make the difference between a ho-hum campaign (or a flat-out failure) and a resounding success.

We’ve talked with beleaguered marketing executives who say their CEOs just want them to jump in and “build a community or launch a viral video campaign.”  Most times, they’re doomed to fail because they haven’t thought through the strategy and taken the time to identify what they’re trying to accomplish.  To get results, you need to understand who you’re trying to reach and what kind of content is needed to engage the people who matter to you.  As much as the medium changes, one thing stays the same: A compelling story makes all the difference. No matter what the channel, you’ll lose your audience if you don’t have something meaningful to say.

Fortunately, the tide seems to be turning.  Savvy marketers and CEOs know that social media is not a no-brainer and they appreciate the role that experts can play in providing strategic guidance and smart execution that augments the company’s own skills and capabilities.

So just like there’s no magic pill to help you lose those last 10 pounds, there’s no magic pill when it comes to social media.  But if you do your homework and spend the time to do it right, the results might just seem like magic.