A community manager actively monitors, participates in and engages others within online communities. These communities can be on Twitter, Facebook, message boards, intranets, wherever groups of people come together to converse and interact with each other... A community manager acts as an ambassador for your organization, whether that person is an employee or contracted to manage your social web presence. A good community manager gives a human form to the faceless corporation.-David Armano
(Excerpt from Fire Your Marketing Manager and Hire A Community Manager)
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And for extra credit, here's 10 Fresh Tips For Community Managers
Ok, I'll take those hugs now.