Many brands are eager to jump into social networking. After all, it's relatively cheap, and it can be insanely successful. But there are many more failures than successes in the medium, and it's important that brand managers pragmatically consider the risks and rewards for the business.

It's not all about building the perfect widget; it's about careful homework, smart decisions and thinking comprehensively. It requires an understanding of how social networking campaigns work and if the campaign will fit in with larger business goals.

Brand managers must justify the expenditure by setting goals, and must minimize risk through research of users, networks and the competitive landscape.

This article will explore the critical strategic mistakes that brands must avoid on their road to social networking nirvana. Along the way, we'll use some real-world examples that illustrate the successes -- and failures -- of marquee brands.