However, as beneficial as the medium is for advertising, there are some stumbling blocks that can present themselves when used improperly.
Fer Wang, group director of social media for marketing firm The 7th Chamber, indicated that companies that recognized this performed well in 2012.
"The businesses that followed a well thought-out strategy for their social advertising campaigns had an incredibly successful year," said Wang. "There is a growing gap between the companies that 'get it' and those that don't and the quest to effectively monetize social media is never-ending."
Some of the things that Wang says are important not to do when conducting a social media marketing campaign is to over-rely on web banners driving traffic to a Facebook or Twitter page, building a Facebook app that's too complicated for customers to activate and putting too much emphasis on how many "likes" one gets from potential clientele.
Last year, Joan Walker, executive vice president for Allstate, indicated that agents need to establish themselves as a trustworthy source if they primarily market themselves on Facebook, Twitter and LinkedIn. A survey the insurer conducted at the time found that many people who used social media regularly weren't always convinced about the reputability of information gleaned from these websites.
Walker said it's important for agents to always come across as credible, which industry professionals can do by building a relationship with their customers through face-to-face meetings and making calls every now and then.