One of the most common statements I hear from corporate executives and business decision makers who are skeptical about social media is this: "If we get into social media, people might say bad things about us."
This statement has several weaknesses, but primarily it assumes that people are not saying bad things about the organization as along as they stay out of social media. That couldn't be further from the truth. If people are saying bad things about your company, they are doing so regardless of the company's social media presence.
To further invalidate the original statement, I'd also like to submit exhibit A:

I took this picture in my neighborhood a few days ago. It was on the back of a truck parked in the street. Clearly this truck's owner isn't a happy customer. Something happened with his experience with the local Nelson Mazda dealership and it wasn't reconciled to his satisfaction so he decided to let the world know in the form of this large sticker on his truck.
The only difference between this guy and anyone saying something bad about your company in social media is the amount of effort it takes to complain. This person went through some significant effort to create a sticker (or maybe it's a magnet) for the back of his truck. With social media tools like blogs, Facebook, YouTube, Twitter, etc., the average person can complain with a mere fraction of the effort it used to take. And that's why companies can't ignore it anymore.
It's too easy for unsatisfied customers to complain and for their complaints to find an audience now. The statement that "people will say bad things about us" has nothing to do with social media tools. It has everything to do with the company itself. Social media tools just let people complain with less effort. The opportunity, then, is that social media tools also let companies identify and reconcile the problems with more awareness and potentially less effort.
With social media tools, companies actually have more influence over what people say about them than ever. It may not feel like it at first, but they have the chance to find more unsatisfied customers and reconcile more issues in less time. Companies can choose to bury their heads in the sand if they want, but they're just missing opportunities to turn some of their greatest problems into significant victories by responding to the people who are talking about them the most.
This is the new frontier of customer service, public relations, and corporate branding...and it's not going away. If you're not monitoring what's being said about your company, clients, products, services, and brands, you're missing some of the best opportunities to win with the complainers. The funny thing about social media complainers is that when you help them out they regularly turn into social media complementors. I bet you can find some today. Start with Twitter search, Techorati (for blogs), and Blinkx (for video).