I like the title of your post. Very appropriate. You do need to establish a social media profile; but you have to spend time maintaining it and keeping it up-to-date. Social media is all about interacting on a frequent basis. If the profile is collecting dust you might as well just take it down.
Another view on social media is keeping an eye out on those sites to see how your customers are portraying you there. Ignoring that can cost you dearly. I wrote a blog post few days ago on how one business lost half its sales because of the Facebook page set up by a college student. You can find the post here - http://www.angelbusinessadvisors.com...edia-strategy/