Cheryl Hall has a great column in today's Dallas Morning News about monitoring bloggers to read what they are saying about your company.
She also had a great definition of a blog:
"A blog, or Web log, is a regularly updated journal published on a Web site to provide commentary or news. It usually allows readers to add their thoughts in an interactive format."
I highly recommend setting up several Google Alerts about about your company and other key words used within your industry. Whenever something is posted on the web using those key words, Google will send you an email with links for you to click through. These alerts are from on-line newspapers as well as bloggers.
If a blogger writes about you, post a comment on their blog. If it's positive, thank them. If it's negative, see how you can remedy the situation.
Click here to read Cheryl's full column about the power of blogs and learn why you should be monitoring and interacting with those within your industry.