Like many of you, I’ve been party to (and even participated in) conversations about Sunday’s MTV Video Music Awards… specifically the first award of the night when Kanye West interrupted Taylor Swift during her acceptance speech. For those of you less motivated by the VMAs, perhaps you heard about President Obama’s “off the record” comment about the event… where an ABC News reporter Tweeted the president’s comment. ABC has since apologized for slipping the confidential comment, but this event (the Tweeting, not the VMA upstage) raises the question of a Social Media policy.

This week we’ve posted updates related to the need for a Phishing Policy and Pharming Policy to protect your brand against would-be imposters; another area to consider is the social media exposure that may be beyond your control. Unlike phishing and pharming, marketers seek the viral component that social media offers – the most valuable form is the third-party (consumer) endorsement.

Unfortunately this is a difficult balance, consumers can just as easily post unflattering along with the flattering brand comments – yet it’s important to note that all posts give you opportunity to address concerns with a larger group. In the event of an unflattering post, consider addressing on your page (i.e. Tweet about the Tweet, post a reply/ clarification on your Facebook or MySpace page) to clarify the concern. It may be a simple misunderstanding… This is also an area where your recipient base plays a huge role; they serve as monitors for your brand often in more areas, more frequently than your marketing department ever could.

Remember that social media is not something to be feared, it’s a channel that offers unlimited, untapped potential; just formulate some guidelines to detail how you (as a company) will participate. Assign a contact to formulate ways to attract more followers/ friends and develop ways to inspire interaction through polls, offers, smaller contests and/ or open feedback. This person should also monitor the corporate pages daily and be responsible for what’s posted on the page… be open, after all this is the most organic form of marketing we have available today!