I'm a bit of a "social media sceptic". For one thing I don't think social media is a substitute for a well-designed and managed web-presence. I worry about firms who are investing more in their Facebook page than their webpage.
To me that is like spending more time on advertising than the customer experience.
Similarly I'm concerned about crowd sourcing and the tendency for "mob effects" created by social media. This becomes particularly of concern to the use of social media by government and in public policy.
By extension though, that also highlights the importance of monitoring and engaging with social media. One of the interesting features of the Queensland floods at the start of 2011 was the targeted rebuttal of false stories being spread by social means.
That said, if you get over the hype, then you certainly know that you should at least have a strategy. The slideshow below comes from Tiffany St James. There is much I'd choose to disagree with in it...but it at least raises the questions that should be asked in developing a modern "digital strategy"
Novae Meridianae Demetae Dexter delenda est