For the overwhelming percentage of companies, social media is virtually worthless. You have to be able to build a following of interested consumers of your offerings in order to make it work.
It works if you sell consumer products because it can be used to send coupons and discounts.
It does not work for most B2B companies because the overwhelming majority of social media members have no interest in the company's products or cannot buy them directly. The key is to be able to bring in lots of targeted traffic that is interested in what you offer. If you cannot do that, it is a waste.
It does not boost your search engine rankings, which is why Google dropped the pitch that was forcing companies into social media when it was not a good fit for them. If you can drive targeted traffic, social media can be good. If you cannot do that, it will not help you at all.
"Democracy is two wolves and a lamb voting on what to have for lunch. Liberty is a well-armed lamb contesting the vote." -- Benjamin Franklin