Don't know if I was clear enough through my recent posts. Social Media Marketing does exist, but not the way people are telling it. Because they are trying to monetize hits and so on from their use of Social Media to spread the word about their product.
Doesn't work - at least not that well. Because those in social media are more there for the experience, and do not have a track-record of subscribing and buying. Promoting to Social Media might give you more views on your site, but that's about it. Waiting for these to translate to sales is futile.
Now, how you could make use of this - get much better (and faster) Google rankings. So other people can find your product better. Do a social marketing blitz (video, slideshare, podcast, squidoo lens) on your product - and these all point to a single-page mini-web that then gives an offer which they can buy there or opt-in to your list (buyers also have to opt-in).
Better would be to run a consecutive series of entertaining segments to promote your site. And probably a contest as well. All these will (properly done) create a mini-buzz, which will then send traffic to your site - and THEN you can monetize it.
A lot of these mini-buzzes, especially for related products, and you have a brand and a standard to uphold.
You are the corporation and you have the product. How you create conversations and interact with your clientèle will prove the viability of your brand - and the money you are going to be making...
Do you market TO the social media? No. Can't be done without incredible overhead (like starting your own social media site). But you CAN use the social media to popularize your product, if you treat them honestly, appeal to their motivations, allow them to interact with you.