Social media is about the now, about the networking and the conversations positive or negative that we have with people who share our work and interests. And for consumers that is power. Consumers can now complain and find people who share their grievances with specific companies, brands or products.

Think about this, ‘positive news stories are repeated on average 3 times, while negative stories can be repeated up to 11 times’. On twitter and social media platforms though the figures for repeating negative experiences is far, far higher.

Just imagine what would happen if somebody who’s on Twitter has a bad experience with a brand. Chances are that they’ll share that with their network, some of whom will have empathy and re-share this with their own network. And so it starts, at the drop of a tweet, a brand can find itself at the centre of a maelstrom.

Companies and brands are now more sensitive that ever before to consumer criticism, which is why they are investing marketing and communications budget on social media.

But because social media is about real-time conversations, it also helps in brand development and product promotion. The walls that divided consumers and brands are blurring.

Since it was founded in February 2009 Media140 has focused on exploring the impact of social and real-time media in media, marketing and communications.

The first event in May focused on how social media is changing journalism, while the second this Monday, 26 October will look at how brands are using social media to stay ahead of the competition.

A full day of debate will touch on the pro-active use of social media for brands as well the power that consumers have and how brands can protect themselves from, well, themselves and the bad customer service that irates us all.

Guest speakers include Media140 founder, Ande Gregson, Head of Customer Experience for Easyjet Paul Hopkins, Daljit Bhurji, Managing Director of PR Week's 2009 New Consultancy of the Year Diffusion PR and Hill & Knowlton's Director of Planning Candace Kuss.

I’ll be blogging and tweeting from the event, so follow my twitter feed and visit us from 09.00 GMT.

And if you have any questions then tweet or email me.