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A social media policy is an internal guideline for companies to manage employees' interactions on social media platforms like Facebook, Instagram, and Twitter. These platforms offer opportunities for customer engagement and brand identity shaping, but they also present risks, as inappropriate posts can harm a company's reputation. The video tutorial discusses the importance of social media policies and highlights key elements of an effective one. eFORMS, known for its extensive document database, provides a customizable social media policy link at the end of the video. The tutorial aims to clarify the differences between social media policies and general social media practices.