This document discusses how companies can utilize social media in the new digital media landscape. It recommends that companies listen to understand their important friends and enemies on social media, activate by engaging with target audiences on platforms like Facebook and YouTube, and build a presence across multiple social media arenas. It provides examples like Domino Pizza increasing sales by 100% after engaging bloggers. The key lessons are to converse with customers where they are active online, create platforms to operate across multiple social media channels simultaneously, and be active and transparent in social media over the long-term.