If you’re going to get involved with some of the ongoing discussions that happen on Twitter, you may want to participate in a Twitter chat.

I know what some of you are wondering:“What is a Twitter chat?”

Twitter, used properly, isn’t a monologue. It isn’t even an ongoing dialogue. You’ve probably heard it compared to a cocktail party. Well, it is. It’s an open conversation between many parties.

A Twitter chat is an ongoing discussion that incorporates the use of hashtags as conversation markers. You can use a tool as simple as Twitter search or a third-party service like Tweetchat to monitor the discussion. To join, simply include the proper hashtag in your Tweet and chat participants will see your message in their stream.

Whether you’re an individual, company or brand, you may want to jump right in. Here are some tips to help you along the way:

Roomatic is one tool you can use to organize your Twitter chats.

1. Before you begin, make sure you pick the right Twitter chat to participate in and/or sponsor. If you’re trying to promote a product that’s health-related, you may want to find a health- or parenting-related Twitter chat. If you have a food-related promotion, there are several food-related conversations that exist. There’s a list of Twitter chats here.

2. Determine your agenda for engaging in the chat. Are you participating to do informal market research? Are you trying to raise awareness about a new product? You may want to prepare a list of questions to ask, and unique links with exclusive information about your new product.

3. Develop and share key messages with stakeholders. If you want your Twitter efforts to bear fruit, you’ll want to keep your conversation on track. Share your key messages not only with the Twitter moderators, but the organizers of the chat. Moderators will want to keep the chat organized, and so do you. (Note: A Twitter chat moderator runs the conversation, while an organizer may have created the chats to be part of a larger social media-based strategy. The two may be the same.)

4. Incorporate a call to action. If you’re hosting some sort of contest, be sure your ask is clear. Do you want people to re-Tweet something with a certain hashtag? Do you want them to register for a site? Do you want them to create blog posts related to your product? Do you want them to give their opinion on something? Make this crystal clear.

5. Give and take. If the initial response isn’t quite what you’re looking for, be prepared to jump into the conversation to clarify. For instance, if you’re running a contest where you want Twitterers to tell you the best $5 meal options, you may get some responses like, “I love Brand X, especially Product X,” in the hope that you’ll just pick them to be a winner. This type of response may not help you. Jump in and clarify your goals, and you’ll find that you may even develop a deeper connection with chat participants.

6. Follow chat participants to build your Twitter footprint. As the conversation progresses, be sure to follow chat participants who provide thoughtful replies, create relevant original content, give you suggestions and ask you questions. These people have taken the time to engage with you, and now you have an entry point into a longer conversation with the Twitterer. Do not pass up this opportunity. Give them a follow.

7. Keep in mind that the Twitter chat isn’t about you. Be flexible. You can’t just set up all of your Tweets in advance. Listen to the conversation, and be willing to change your approach accordingly. But always add value.

8. When you Tweet, be sure to use the proper hashtag. This sounds obvious, but if you’re going to participate in a Twitter chat, you’ll want participants to see your posts. You’ll only do this by using the hashtag consistently, as people will search for related Tweets through Twitter search.