But it is always sloppy thinking to believe that the latest and greatest thing is the answer to all the issues you face. Successful business depends on deep thinking and a rigorous approach to finding out what is going on in your industry, your market and your company.
Social media has fantastic potential for many companies and markets. But this article from Mashable shows that many companies are doing very well without social media and that it is not appropriate for them to focus resources on it
Whatever your company, industry and market, you need to understand your prospects and customers but if they are not on social media or you need to talk to them in ways that are not suited to social media (e.g. requiring confidentiality, in-depth discussions or sensitive conversations) then you need other methods – pick up the phone, incentivise partners to survey their contacts, send out white papers, present at conventions, ..
The one essential is to spend enough time keeping a track on your customers and those who could become your customers to understand their issues, what makes them tick and what might excite them or make their life easier.
How you then pull out the key messages and best communicate with them is where the hard thinking comes in.