The Internet is awash with the latest fads regarding social media for businesses to the point where if you follow it at all, you'll end up reading a lot of regurgitated articles about how xyz will make your social media presence better, easier, and perhaps even profitable. I suffer them daily as I'm sure many others do.
It's not as simple as starting a blog, getting a Twitter account, Facebook page and Google+ account for your business; there are plenty of empty placeholders out there that simply occupy space on someone else's server in the hope that, someday, it will do something. That's not only wrong, it can actually detract from your presence on the Internet: people may view you as unable or unwilling to participate simply because you don't.
The first thing you need to do is go back to your business plan, if you have one - and if you don't have one, you should create one. If your business sells widgets, social media usage is simple enough - you want to use it to advertise your widgets and demonstrate that your widgets are better than other widgets. If you service widgets, you want to demonstrate that you have a great service for widgets. If you build or integrate solutions, you need to work on assuring that your message is clear in your abiliyt to build/integrate solutions. All of these things require a simple thing:
Content.
Social media allows you to use other people's content in your stream, and you should do this once it doesn't dilute your own message. You should also be creating your own content around your message and have a general strategy on how you are going to implement your content. Your strategy should include metrics that allow you to gauge if you're doing something right or something wrong. You need to be consistent, which requires time, and if that means that you aren't a first adopter - suck it up. Do it right the first time; second chances are hard to come by.
Once you have all of that in place, you need to network and interact with others through social media in a way that is consistent with your message but doesn't make you look like a robot from a 1950s science fiction movie (unless, of course, you sell 1950s science fiction robots).
None of this is very difficult on the surface, but tailoring it to your business is most important and can be difficult - a fact that many social media buzz articles neglect in favor of people becoming acknowledged as 'social media gurus'. It's not as simple as 'build it and they will come'.
It's as simple as say what you mean and mean what you say while listening to what others have to say. Where content was once king, discussion is now king - but to have the discussion, you need the content. To deliver the content, you need social media.
And to use social media properly for your business, you need to figure out what your goals are and reach for them in a meaningful way.