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I'd also like to suggest the following:
#6 Consider Internal Applications
There are a lot of companies that have achieved executive buy-in for social media because they have started first by rolling out internal social applications (such as internal wikis or blogs). By doing this, not only do employees become more familiar with the uses of social media, but executives can more clearly see the benefits and financial worth of improved communication. This understanding sometimes makes it easier to gain advocates and make the case for external social media marketing.