Are people talking about your business or its people using Social Media? How would you even know?
The list of social media tools is long - Facebook, LinkedIn, Twitter, Blogs, Forums, etc. But the list of ways to track them is possibly even longer.
Check out this list of Social Media Monitoring Solutions.
Some are tailored for one type of social media, like blogs (Google Blogsearch, Technorati). Some social media tools have their own monitoring capabilities (Facebook, Twitter). And still others track social media activities across multiple media (Radian6, ScoutLabs).
Some tools are free, while others require a monthly fee. In general, the free tools are more limiting, but can still be good for basic needs. The paid tools are more robust, typically have a longer learning curve, and, well, aren't free.
I recommend getting your feet wet with a few free tools before evaluating the paid tools. This experience will help you make a more informed choice when you are ready for an all-inclusive service.
When you use these tools, don't just monitor your company name. Monitor your CEO, your key thought leaders, and people in your organization who are active in social media. And don't forget to run searches on your competitors. It may be clear who is embracing social media and who is avoiding it. This could uncover an opportunity for your company to become a leader in using social media in your market space.