Is social media overhyped?

I was talking to a marketing consultant today and asked him what he though of social media marketing. He said that it had its place but he thought that it was over hyped. I wasn't sure what to think of this statement. In some ways I agree with him. It takes time and effort to be a part of social media. It's as simple as setting up a Facebook page and becoming famous online.

Social media takes time and interaction. Just like face to face marketing, social media marketing requires interaction. Attending the local chamber of commerce is OK but to get the most out of your membership you must interact with others. Social media is much the same it is a networking group, in a sense. Simply having a presence is only part of the equation. Interaction with others is what makes social media work.

Online networking has the advantage over "brick and mortar" networking in that time and space are less of an issue. You can meet and interact with people at any time of the day, anywhere. You can meet people that you would not have the opportunity for otherwise.

So, is social media marketing over hyped? Maybe, if you think that it is a passive marketing strategy then yes. If you look at it like a new portal to other people and ideas and are willing to interact then I think it can be a valuable tool.