Is Social Media Crap for Business?

I've had a few heated discussions with my marketing mates down the pub about social media. Some say it's all meaningless BS and I quote, "Nobody I want to sell to wastes their time on Twitter".... puleease......

That's not how I see it - I get more hardcore, relevant information that I need by listening and contributing on Twitter and linkedin than anywhere else. I hardly bother with my old corporate email address any more because it's so much easier to Skype. I can find all the leads I can handle and I can't imagine not being part of this many-headed Hydra (now, now, no comments about which head i am....or was that medusa?)

I'm interested to find out other opinions - from diehard social media addicts and those who simply loiter.

Why journalists are important

I read the gorgeous Simon Small's blog and couldn't resist a rant on my favourite topic.
As I commented to Simon, I agree that social media is of course another PR outlet - because PR is not just media relations, it's the whole shebang of getting a message across to people using any medium. But there are a few differences and coming from a background of old school journalism i feel kinda sad that trained journalists may not be perceived of value up against the flood of bloggers. The biggest difference is that journalists are trained to report a story more or less without prejudice (this argument can take place separately LOL) , whereas bloggers ALWAYS have prejudice....
Journalists are paid to to present their story from many viewpoints, and because they get paid they can hone their message to give it depth and/or entertainment value. Eg, i would be deeply saddened, even distressed, if the Australian Financial Review could no longer employ great journalists because of a lack of ad revenue. IMHO - and as I'm actually building a business based on Simon's premise that the web allows you to control your message, this is not self-serving at all -- trained journalists can't be replaced by casual bloggers unless the whole thing comes down to money. It's always been said that people get the politicians they deserve; much as i love and adore the social networks - i hope we are not going to get the newspapers and other media outlets we deserve if all their ad revenue goes where the eyeballs apparently are.

Further, yes you can promote your product online rapidly using self-publishing tools combined with DIGGing, Google News etc -- but you still need the skills of a GOOD or even GREAT PR person to manage your message - it's not just about the relationship with a journalist, it is multi-dimensional. Somewhere along the line you want someone to buy your product - Simon does and I do. Somewhere along the line you need to close the deal. I'm interested to see how the wonderful world of social media will wend its way -- inevitably towards that sale!
Thanks, Simon, for getting me going with a real blog!! Mmmwaaah xl