The business benefits of social media are well established, but there's also a large set of of peripheral benefits that don't get much attention. I'm thinking of those many overlooked things that you need to do well in social media. For example, SM:

1. Asks you to do something remarkable: Mediocrity doesn't go very far in social media. You need to offer something remarkable that people love. That could be design or service or charitable giving or a sense of humor. But it has to be worth sharing.

2. Makes you a WIIFM (what's in it for me) superstar: Social media provides a constant reminder of who your customer is and that your efforts must pass their WIIFM test (i.e. why should they care about you?). That close customer contact can make you more comfortable walking around in their shoes, helping you apply a customer-centric approach to all your business practices.

3. Holds you accountable: Did someone have a bad experience with your business? Well, social media means no more sweeping it under the rug. There's a good chance that customer will call you out on social networks or review sites. And, believe it or not, that's a good thing. That accountability is your added motivation to apologize, fix the problem, do better next time, and be a better business in the long term. Not to mention, it's the right thing to do.

SM also puts a premium on honesty. Audiences see through unsubstantiated claims and anything that smells inauthentic or automated. Your best bet is to be real.

4. Requires you to master time management: Social media can eat large chunks of time in your already full day if you're not careful. Scheduling in SM forces you to prioritize, be disciplined and make better use of your time.