This research draws attention to the fact that the new generation of Internet, Web2.0, is creating new ways of doing business that fosters collaboration and a flexible exchange of information between users. Particularly, Web2.0 allow businesses to adopt a new structure regarding communication and interaction and new content referring to new forms of meeting the needs of consumers. This book aims to inform managers about the power of the social media in the business field; to assist managers in designing, implementing and developing their social media strategy as an alternative channel of communication for the company; and to show managers some potential changes in their businesses through the adoption of social media. To show the social media strategy design and implementation, the book conducts a multiple case study research. In general, the results from our case studies show an initial shift in business activity in terms of economical transactions (e.g. reducing advertisement cost) and social transactions (e.g. increasing customer brand awareness).