It's hard to believe Facebook has been around since 2004. Twitter
  began in 2006. LinkedIn launched way back in 2003! The whole
  social media and marketing conundrum is driving local businesses
  bonkers. Which ones should I have? What do I do with it?
Social media is a powerful marketing tool. It further extends
  everything you do into the public eye. For local businesses, it
  reaches far more consumers than your sign out front.  There are
  one billion Facebook users. That's one seventh of the world's
  population.
According to Harrison Painter, director of business development
  for BLASTmedia, most companies view social media as either a
  waste of time or the solution to their marketing problem. If it
  is going to be a solution and worth your time, education and
  commitment is the key. Here's something for you to look at as a
  handy point of reference. CMO.com, along with SEO firm 97th
  Floor, have created a chart showing which social networks are
  best for various marketing goals.
http://mashable.com/2011/03/11/social-media-marketing-chart/

Yes, social media plays a vital role u=in marketing aspect as they gets huge traffic every moment. Balanced and professional social media optimization can easily make a huge online presence for your business or product.
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