After you figure out how to correctly utilize social media, it's a great way to free up some money in your traditional media budget. That does not mean stop spending those marketing dollars, it means reallocate! Put some money into internet marketing. Just because you have an online presence doesn't mean people will find you, that's what marketing is all about.
Just like traditional media, you want to cross platforms. Not all internet marketing is free, but as you know, to make money you have to spend money. Become an expert on free social networking sites then start looking into paid search, optimization, mobile search, etc. My best advice is to establish your internet presence first before trying to drive traffic with paid advertising. If you jump in too quickly you may drown but one thing that I am learning in today's marketing world... move too slow and you will be left behind. Find a happy medium. Good Luck!