As more companies continue to embrace social technologies, the key to success, Forrester says, is in a social business strategy. "Yesterday's strategies built around market needs are outdated in today's empowered business world," writes report author and Forrester analyst Nigel Fenwick. "Dynamic, flatter organizations built around social connections that focus on solving business and customer challenges are replacing old hierarchial organizations."

But before developing a social business strategy, CIOs need to partner with the CMO and address two areas:

Create a social business strategy council. Understand that neither the CIO nor the CMO owns the strategy, rather the executive team must own it. Enlist the CEO to create a social business strategy council, comprised of business leaders and managers from across the enterprise, including IT, HR and legal. This team's responsibility, states the Forrester report, is to help create the strategy and see the implementation through.

Engineer your "aha" moment. This moment occurs when senior leadership realizes the full potential of social technologies to improve their business, according to the report. Forretser recommends creating a setting for this moment by bringing together business execs to explore how social technologies are transforming other organizations, and to discuss what is possible in your organization.

Here are the four steps Forrester recommends when creating a social business strategy.