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You might already know your Facebook from your Odeo, but most companies seemingly couldn't give a Flickr or a Twitter about social media and social networks.

But are businesses making the most of the opportunities that "Web 2.0" can offer them?

Incorporating social media into your company’s existing content strategy does not have to be a painful process, says Digital Web Magazine.

Whether already a market leader like Facebook or MySpace, Digg or del.icio.us, or still making a name, sites facilitated by the technology known generally as "Web 2.0", and collectively known as social media or social networking, could precipitate a sea change in online communication. Certainly, they offer some new channels and methods for businesses to reach consumers.

Early adopters have seen some commercial success as well as failure in the unchartered waters. If you're hoping to float on the new wave, SmashLab has a white paper that might be the primer you need.