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Is Social Media Right for Your Business? Jun 20, 2011 in Business/Finance . Is Social Media Right for Your Business? Over the last three years, it seems like every company has jumped on to the social media bandwagon. Every CEO has a Twitter page, and every corporation has its own Facebook Fan Page. However, for every company that has strengthened the bond with its customers through social media, there are a dozen others that have wasted time, money, and energy chasing results that never materialized. Here are several questions you can ask yourself to determine if social media should be a part of your business. Will you benefit from a public conversation about your product or service? This is the first question to ask before you delve into the world of social media, and yet it's one that goes unheeded far too often. Some companies provide products and services that while necessary, often rub people the wrong way. For instance, meat processing is necessary, but most people don't want to think about it. In such cases, a public conversation could expose your company to risks without any benefits. Additionally, if your company or product does not enjoy a good reputation, your social media pages can end up being tattered with insults and accusations. As an example, most banks have scaled down or withdrawn entirely from social media, because any attempt to connect with their customers was obscured by a relentless assault on the companies' credibility and competence from angry customers.