I found this checklist and thought it may be helpful to those who are having a hard time understanding the value of Social Media for their business. Hope it’s useful 

The 7 Secrets Every Business Needs To Know About Facebook…

1.
Know the FOUR Business Goals for Your Facebook Account:

Get found by people who are searching for your products or services
Connect and engage with current and potential customers
Create a community around your business
Promote other content you create, including web pages, blog articles, and your advertising.

2.
Every business should (must) create a page, so your customers can become your fans. The myth is that Facebook is only for kids or Gen Y. It is for everyone. Older people and especially Baby Boomers (the oldest Baby Boomer is now 63 years old) which means most boomers are still working, in pretty good shape, and don’t think or feel old like they are ready for the rocking chair.

3.
Profiles are for people, Pages are for businesses.
Do not create a personal profile for your business. This is one point that many people who are successful at Facebook are not even aware of (including me). A Page is similar to a Profile except that it is, by default, public and users can become a “fan” of your Page without first requiring approval from the Page administrator. Creating a Page is completely free but will require your time to build and maintain. To get started, visithttp://www.facebook.com/pages

4.
Make Your Page Easy to Understand
Use Tabs (The Tab Interface) – This allows you to group the content and applications as per your requirements. Not only you can edit the default tabs, but you can also add new tabs giving you complete control in its customization.

You can freely drag them to arrange in required order. With new Facebook application standards in effect, almost every new application (internal or 3rd party) can be integrated with Facebook tabs. This opens endless opportunities to create customizable tabs with your choice of third party applications.

5.
PROMOTE – PROMOTE – PROMOTE
Know the Six Best Ways to Promote Your Page

Draw on your existing network. Start promoting your page to your own customer list.
Although Facebook is a do-it-yourself type of endeavor, have your webmaster make sure your pages are indexed just like your website pages. The results are amazing with this little fix.
Create Events, Discussion Boards and/or News Flashes about your business and community.
Join the various networks of people who would have an interest to buy from you.
Buy a Facebook Ad. For some reason this is not as widespread.
Every quarter, create a poll to get your fans’ feedback about their views on various pages or page elements.

6.
Schedule a block of Facebook time (15 min?) each day to monitor your account/keep up with things/add new content.

7.
Go to http://Facebook.Grader.com to grade your profile or page for free.

I created http://www.livestocktrade.ca which is a free classified ads website for pets, livestock, exotics stuff like that. And no i’m NOT begging you to go there! I just want to know if anyone has a good way for getting traffic to my site, I’m currently advertising on facebook and using twitter. I get about 200 page views a day if i work at it. I get lots of new ads posted but cant seem to find the right place to get visitors and buyers on there. Any ideas? Thanks!