The prevailing opinion is that social media is free. Sure, there’s no cost to set up an account on Facebook, Twitter, or YouTube but is it really free? 
The reality is that social media is very important and possibly more important than your website. While websites have become a sort of online brochure for an organization, it’s understood that it’s a marketing arm carefully crafted by the organization.
Social media, on the other hand, reflects the personality of the organization that directly interfaces with customers, fans, and possibly even critics. Take for example an employment recruiter, sure they look at a candidates resume but they place equally if not more emphasis on their personal interactions of that candidate. A good recruiter will dig deeper searching social media for more information about an individual. As for the potential employee, personal experiences from employees about an organization are also available through social media and those testimonies are powerful and should not be under estimated.
So while the use of most social media is free, emphasis should be placed on creating meaningful content that is important to customers and fans alike. Social media shouldn’t be thrown together or managed by an entry-level associate. Strategy, content, and developing a meaningful community should come from the top of the organization. There’s too much to lose by not taking it seriously or underestimating how information can be perceived.