Social Media has value. The value is in the network effect. It is hard to accept the idea that you need to be into Social Media because the upcoming generation over uses these tools. From Gartner (see CRM & Social Media, with featured Gartner Analyst, Ed Thompson) to venture capital (see What is the Next Big Thing?) expert opinions are fawning over the youngsters and their use of Social Media. They say you will need Social Media because the highest users of these tools are entering the workforce and are going to demand these tools. I find this hard to believe. When Social Media tools prove value, an enterprise will adopt them.
Keep it simple. Know your customers. Show them the love. They will let you know if Social Media has a place in your business.