Beyond advertising on Facebook, Twitter or other medium companies are using social
networks to build teams that solve problems faster, share information
better among their employees and partners, bring customer ideas for new
product designs to market earlier, and redesign all kinds of corporate
software in Facebook's easy-to-learn style.
Companies can also use blogs and social sites to bring customers into their product-design process. They can use customers' feedback to improve services, and gather ideas that can help them.
It may also be a good idea to use twitter as a tool to gather feedback on your products or services before it is being posted on Yelp or other sites which could affect your reputation.
Social media is also a great tool to build relationship with current clients, and stay in touch with them. If you don't I am afraid you will lose a lot by neglecting them. Your choice: either you'll survive or you'll close your doors.
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