At the end of the day, blogging is still just a tool. What you get out of it will depend more on the depth of strategic thought and the effort you put into it than any other factor. Yes, you can communicate with your customers and have them communicate with you in a real and meaningful way. Yes, you can build your awareness, influence the way people think about your company, and build better products by virtue of real two-way communication. And, yes, you can find out what your millions of potential customers are saying and then respond to them in an open and engaging way.
But only if you choose to do just that. Alternately, you can ignore all of these potentials and watch your competitors go there first, engage with their customers first, and prove the model first. No, don't blog because your competitors will. Blog because there is a real benefit for your business. And if there isn't? Well, there are still those millions of potential customers talking about your company and your industry in an open and authentic way. And I know that that's not something I am willing to ignore. Are you?