But it’s not. The truth is, there are only five different ways the Fortune 500 use social media. Seriously — just five. And once you know what they are, you can figure out which ones would be most useful for your business.

These five social approaches, though different in many respects, all have one thing in common: Each of the Fortune 500 use them to generate a profit. After all, they’re not using social media just to be social. They’re using it to make money.

In order to make money with social media, you have to set up your campaigns to be measured. And I’m not talking about simple metrics like number of followers or unique page views (although those are important). I’m talking about real metrics like leads generated, prospects converted and profits realized. Those are the kinds of metrics that enable you to track the success of your social media campaign on an ROI basis. And when you’re tracking your social media campaign on an ROI basis, you’re making your CFO happy (along with your CEO, your CMO and everyone else in your company).

Branding

Some companies use social media strictly as a branding tool. Typically, this means running a YouTube campaign that (hopefully) gets a lot of buzz around the water cooler. While using social media strictly as a branding tool might be considered “old-school” these days, it can still generate some positive sales growth.

Take Toyota as an example. Its YouTube mini-series featuring the Sienna Family has generated more than 8.3 million impressions. Those are not passive impressions fed to consumers during a TV commercial break, but engaged views attained through social sharing. When people share your commercial with their friends, they’re reinforcing your marketing for you, and it’s the best kind.

Of course, one of the most successful campaigns of this type is the Old Spice YouTube campaign that has more than 140 million impressions and, according to Nielsen, helped sales increase 55% in three months, and a whopping 107% during the month of July alone. Part of what made this campaign successful was that Old Spice set it up so it could quickly respond to viewers’ comments about the videos. By engaging the viewers in the videos, Old Spice improved the stickiness of the campaign and, best of all, enhanced the viral nature of it.

e-Commerce

If you can sell your product or service online, then you’ll want to drive people to a landing page on your website where they can buy your goods. How can you accomplish this? Just do what Dell does. It tweets about special promotions for its folloers on Twitter. Right now, the DellOutlet account has 1.5 million followers. If you crunch some hypothetical but fair numbers on the back of an envelope, Dell’s ROI might look something like this:

DellOutlet followers: 1.5 million

DellOutlet followers who actually see the promotional Tweet: 50,000

Followers who click on the link in the Tweet: 500

Prospects who purchase a computer based on the Tweet: 50

50 purchases x $500 computer = $25,000

That’s $25,000 in revenue just for sending out a tweet. Not bad for a day’s work. Of course you’ll have to put in the effort to build your Twitter community in the first place, but those are certainly resources well spent, given the potential return.

Research

Many companies are using social media as a tool to do simple, anecdotal research. Sometimes, this involves building a website that engages customers in a dialogue. Starbucks has done this famously with MyStarbucksIdea.com. When visitors land on the site, they’re asked to provide new ideas to Starbucks on ways to improve the brand. Visitors can share ideas, vote on which ideas they like the best, discuss the ideas that have been submitted, and even see the results of their suggestions in action.

But you don’t have to build an entire website to keep tabs on your customers’ needs. Got a blog? Great. Ask your visitors to leave suggestions in your comments section. Have an e-newsletter? Terrific. Use the tools from ConstantContact, ExactTarget or MailChimp to include polls and surveys in your e-newsletter. Active on Twitter? Wonderful. Then use Twtpoll, SurveyMonkey or SurveyGizmo to drive people to a survey page on these sites.

The bottom line is there are plenty of ways to keep your finger on the pulse of your community’s needs, using social media tools that are readily available to both you and the Fortune 500.

Customer Retention

A good rule to remember is that it costs three to five times as much to acquire a new customer as it does to keep an existing one. Given that, wouldn’t it be smart to use social media as a tool to keep customers loyal and engaged? That’s what Comcast and Southwest Airlines do. They communicate via Twitter, Facebook and other social media platforms to help solve customer service issues.

When Frank Eliason at Comcast first noticed that people were making comments about his company on Twitter, he probably wasn’t very happy. After all, if you’re going to Tweet about your cable company, it’s likely a complaint. So Frank took things into his own hands and started Tweeting back to the disgruntled customers. His tweets offered suggestions and tips on how to fix the problems people were having with their services.

Research has indicated that if you take a customer in a heightened state of anger and help them out, they’ll actually become brand advocates. In other words, they start promoting your brand to others because you reached out to them and helped them at a time of need.

That’s what happened with Frank and Comcast. Customers went from being disgruntled to being brand advocates — all because they were pleasantly surprised when Frank reached out to them via Twitter and helped solve their problems.

If you find yourself reading negative comments in the blogosphere about your brand, don’t shy away from them. Engage with them. You’ll be surprised how effective it can be.

Lead Generation

If you’re having difficulty selling your product or service online, you may want to invest in a social B2B lead generation strategy. At my company, we use social media to drive prospects to our online magazine for marketers. When prospects get to the website, they can read a blog post, watch a 60-second video or download a white paper. Once we gather their contact information, we (gently) re-market to them by reminding them of all the great results our partner generates for its clients.

This hub-and-spoke system works like a charm. Why? Because B2B and professional service firms are often sold based on a relationship. Much of the decision process is based on a vendor’s reputation and trustworthiness. What better way to build trust than by providing helpful, useful information to the client prospect via social media?

Remember, when you’re using this hub and spoke system, you don’t want to limit yourself to just the big five (LinkedIn, Twitter, Facebook, YouTube and MySpace). You’ll also want to use e-mail marketing, speeches, e-books, webinars, blogs, videos and other social media tools to build trust and awareness.

Jamie Turner is the chief content officer of the 60 Second Marketer, the online magazine for BKV Digital and Direct Response. He is also the co-author of How to Make Money with Social Media, now available at fine bookstores (and a few not-so-fine bookstores) everywhere.

HERE ARE FIVE TRENDS THAT WILL SHAPE SOCIAL MEDIA

Some intriguing insight into the near future evolving technologies and social media. Let’s face it, however smart we may be, predicting the future is still pretty tricky business but I will do my best:

1.  Identity will become embedded in devices

Imagine this: your social media identities (Twitter username, Facebook profile, etc.) will be entered as part of the initial process of setting up your new devices, and will be propagated into all applications. You no longer will need to enter your Twitter or Facebook credentials to access related functionality on mobile applications – instead, they will seamlessly access your profile. The recently rumored Facebook phone offers an example application.  Paul Marsden suggests that this possibility will provide an opportunity for smart app-based loyalty programs and deal feeds that use social media identities to personalize communications.  Of course, the transition from paper to electronic couponing is well underway and the conversion of the portable device into a credit card reader has become a reality, but embedding identities, albeit threatening from a privacy perspective, takes these developments to a logical next level.  PSFK illustrates this first trend by envisioning a typical product thusly:

2.  Online sharing will become embedded in Media Life

With social identity embedded into the devices we use daily, social sharing will become an integral part of the way we enjoy media on our regular TV’s, DVD players and music players. These devices will evolve towards all being Internet enabled and allow us to share likes, links and personal commentary. Remote controls and store shelves may include “like” buttons which autopost to Facebook, while music players will sync preferences to preferred identity.  Disney’s buggy ABC.com Full Episode Player (FEP) is a start in concretizing this trend, providing greater intimacy for the TV viewing experience.

3.  Location will be embedded in all activities

Location aware devices will employ pre-emptive use of location to alert the user to things or people nearby that may be of interest. Four-square writ large.  Users won’t have to check in to a place to see if their friends are nearby, as their device will automatically alert them. This trend bears particular implications for marketers, enabling them to provide consumers with value in that message and offer – and not just another annoying discount offer that they will eventually tune out if it becomes an onslaught.  Individual targeting is clearly a trend I think we can all agree on for marketers, for whom broadcasting no longer makes sense.  From a personal perspective, we can only hope there is a clear opt-in aspect to this trend, so that consumers can decide where, when, and for whom they willingly can be located.  In more cases than not, more than I need to know is not always better and persistent targeted messages from marketers can get annoying pretty quickly.  But these personal tics aside, Paul Marsden intriguingly inquires about this potential scenario:  ‘Opportunity for a new breed of tuangou group buy offers, bringing together real time flash mobs to buy in bulk in store?’

4.  Smart Devices and Web Apps will automatically check in and post updates

Identity aware devices, empowered by embeddable RFID tags, will allow this type of technology to spread beyond the mobile phone. A smart coffee thermos, for example, could enable automatic check-ins and send coupons to your phone as you enter your favorite coffee shop.  This is going to be the nuclear explosion in the coupon business.

5.  Social networking will redefine how large organizations communicate

Large organizations have always struggled to share knowledge across multiple teams, divisions and geographies.
Social media inspired design patterns applied to existing enterprise software and/or intranets opens up opportunities for collaboration on an unprecedented scale. Employees in large organizations will finally be able to find colleagues with knowledge or experience they could benefit from. Collaboration will no longer mean simply sharing documents and version control, but the ability to find colleagues by shared interest and collaborate seamlessly in a multi-channel environment.  To some extent, this echoes, but also advances Tapscott and Williams’ Wikinomics ideas.  As TNW points out, at present, current examples of this fifth trend include disruptive innovators like SocialText, Yammer, Podio and SocialWok.

In summing up, TNW suggests that what links these five trends into the big picture is convergence, as in traditional media (TVs, radios, etc.) becoming social media devices, corporate intranets becoming private social networks, and so on.  All of this, of course, is being powered by ongoing developments in consumer generated content and content creating tools.  No question, the future is now.