The term Social Media refers to a bouquet of online services that facilitate the way communication and content sharing is happening today through collaborative networks of people, communities, and organizations. Contemporary Business world cannot afford to not consider this media along with other traditional media, as the Internet has become the backbone of the society. With Web 2.0 we have moved to an interactive social system that is available to most of us 24*7. Accessibility to gadgets such as personal computers, smartphones, webcams, and digital recorders has given individuals the freedom to create and share content. Today is the day of Horizontal revolution, where each one of us communicates online with huge numbers of people through a single click While companies understand the benefits of social media, it is a big challenge for them to design an effective social media strategy because of it being emerging phenomena, lack of expertise and traditional methods not working. There is a need to build competency in organizations to appreciate and build social media based frameworks for their organizations that can connect and engage with the customers to build successful businesses.