Brands must have a point of view on that purposeful engagement, whether it's directed towards the environment, poverty, water as a resource or causes such as breast cancer or education. Merely declaring your commitment to a category or cause will not be enough the distinguish your brand sufficiently to see a return on these well-intended efforts.

Ultimately, it's possible that social media platforms will be designed as templates that the users themselves customize in terms of the best way to express their community and experience of life, and brands will have to simply follow suit.

In fact, I believe the first companies that make an effort to develop an authentic, transparent, and meaningful social contract with their fans and customers will turn out to be the ones that are the most successful in the future. While brands that refuse to make the effort will lose stature and customer loyalty.

Some critics have challenged what the return on investment is for engagement in social media. Others have complained that the metrics don't exist to demonstrate value.

For decades, media companies have largely controlled the tools through which consumers were told what to buy, wear or think. Now consumers possess the same ability to produce, distribute and curate content and distribute it to their peers in real time across social media platforms.

Companies, to date, have often used the excuse that they are only beholden to their shareholders, but we need shareholders to think of themselves as stakeholders in the well being of society as well.

With the never-ending stream of new social technologies, apps and platforms rolling out every day, its easy to get lost in the minutiae of social media. Yet for there to be effective change, especially within large, top-down, hierarchical institutions, a company must have an over-arching understanding of the new role it has to play.