This article covers few good & bad incidents of using social Media & Social Networking for business.
My personal view is whether or not you are using social networking & social media for your business, people are still talking about you. They will not wait for you to create your social network to talk good or bad about you and your business.
When you create your own social network there are more chances that a happy customer will comment & kudos your business. Unhappy customer anyways find every way to escalate.
You could say Twitter and Facebook have thrown a wild card into a world of carefully crafted marketing messages. Witness the following incidents:
_ South Point managers read a gambler's rant on South Point's Facebook page.
"Please folks ... do N-O-T gamble in this casino. They run some of the TIGHTEST machines in Las Vegas. I LOSE almost E-V-E-R-Y time I try playing at South Point."
But before they responded, another customer posted: "If you don't like the South Point that much — then just don't go there. But the rest of us LOVE the place ... better luck next time."