There are two ways to use social media in your business. You can use social media as an add-on to your current business model, or you can integrate social media into the core of your business philosophy. (And I'm beginning to strongly dislike the word social media because it actually does sound like an add-on instead of a core philosophy.) But in reality, social media represents a fundamental shift in the way we interact and exist online. That sounds much more like a core philosophy than an add-on...
Social media as a core philosophy is more than a combination of platforms and networks; it is the force shaping our online society. In the face of this reality, focusing on growing your Twitter followers if kind of like leveling a crooked picture frame on your wall when you know a nuclear bomb is heading towards you; it might give you some satisfaction in the short-term, but in the long run, you're fucked.
Socializing your business philosophy involves analyzing your business plan and looking for any opportunity to improve both social interaction with and social consumption of your brand and product/service. If you can't or refuse to adapt your business philosophy to realize the full potential of social media, you will be wondering why your socialized competitors are doing increasingly more business than you are.