Found this in research for a client project. I’m not sure I agree with his first statement, since content gets you connections, but the rest is there.

As to taking more homework to understand the social media aspects of web 2.0, that’s why we teach Websitetology, we give our students the knowledge to make sites that work.

Getting small fast isn’t as important as being fast period. Sometimes the window for getting attention is so short that someone else will eat your lunch before you even finish ordering it.

Ketchum Interview on PR & Social Media at Like It Matters

Social media is about connection, not content.
Social media is about them, not you.
Social media may be cheaper initially, but it takes far more homework.
Get small fast. (Niche is nice. Think smaller feature sets, more targeted audiences, less chatter from you, and so on.)
Relax, it’s early in the social media game. You’re not behind, because everyone’s just trying to figure out the new environment.

We’ve been running the seminar for almost a year now- and people still are resisting the idea that a website can be a lot more than a brochure or a store. Ideally, you are building a community of like-minded people who are interested in the needs your business serves.

Target marketing is finally becoming a reality with social media.