Social Media. We’ve heard so much about it. We’ve read so much about it. But what is it?

Social media has been described by some industry professionals as “interactive, relevant communication.” It is online, it is digital, and it is evermore mobile.

More than ever, social media is everywhere and is an active part of people’s lives. With Latino connectivity rapidly increasing thanks to mobile and digital applications, the time for marketers and advertisers to build strong, passionate relationships with Hispanic consumers couldn’t be better.

But what are the stewards of America’s products and services doing to attract an audience of consumers that continues to grow in size and influence?

Not a heck of a lot, based on research and conversations conducted throughout March and April 2010 with Hispanic advertising industry leaders at public relations firms, interactive and digital shops, and full service agencies.

But what’s in the public view may not fully show what’s truly going on behind the scenes with respect to the use of social media among U.S. Hispanic marketers to build buzz, attract influencers and create dialogue with consumers.

When one thinks of “social media,” the ubiquitous networking website Facebook is often the first thing that comes to mind. In the 2010 U.S. Hispanic Social Media & Marketing Overview, released May 17, we share details of some of the custom applications on Facebook that can make a brand stand out and become a “friend” to the connected Latino consumer.

But social media is much, much more – and it is evolving by the day. Click on my photo above, and you’ll be transported to my Twitter page. It’s not much, and up until mid-February I didn’t at all get Twitter.

Thanks to conversations with such new media gurus as sociologist and thought leader Brian Solis, I so get Twitter now, and the explosive marketing potential it holds for the U.S. Hispanic market.

As summer 2010 approaches, mobile social networking platforms are abuzz with marketers and advertisers. TweetDeck, conceived in July 2008 as a mobile application for the Twitter social networking service, now allows users to post status updates and access profiles on Facebook, as well as social networking sites LinkedIn and MySpace.

As Twitter usage increases among Latinos, there’s already tons of buzz about Foursquare. Launched in March 2009 as a location-based social networking application, Foursquare has the potential to compete head-to-head with Twitter and Facebook for marketers’ attention. Its premise is simple – Foursquare enables users to “check in” from any venue in the world. Each time a person checks in, they’ll get points. The person with the most points becomes “mayor” – a position that can instantly be transfered to the Foursquare user who checks in at the site more frequently.

Advertisers and marketers are already salivating over the potential consumer base these globally connected individuals – many of whom are between 21 and 30 years of age – are an active part of.

Given the high number of Hispanics under the age of 30, it’s only natural that Latinos be included in any discussion of online and digital marketing. Numerous studies have shown Latinos to be first-adapters to new technology, with high levels of bicultural, bilingual under-30s actively using mobile applications and online social media to communicate with friends and family.

Yet continued indifference from CMOs and the rest of the C-Suite at corporations across the U.S. could lead to a slow embrace of digital and online activities that can turn a brand into a trusted friend, and every-day consumers into brand ambassadors and advocates.

There’s also concern that giving up too much control of a brand could lead to a public relations disaster, such as those experienced by Nestlé in March on its Facebook fan page. Are Chief Hispanic Marketing Officers (CHMOs) prepared to yield control of a brand to the very consumers companies have for years been trying to figure out how to market to?

The CHMOs that take advantage of the social media opportunities that exist today could reap tremendous long-term dividends.

Those that sit on the sidelines, waiting for the right moment to strike, could lose out on grabbing that proverbial pot of gold.

Adam R Jacobson