Edward Boches of Creativity_Unbound has a great article framing social media into real business objectives.
He has five ways to reframe the questions.
Want to improve your organic search results?
Start a blog.
Looking for a better way to conduct real time qualitative research?
Listen in on ongoing conversations on Twitter and Facebook.
Would you like more out of your advertising creative ideas?
Try a crowdsourcing contest.
Interested in stretching your media dollars?
Use embedded YouTube videos and encourage sharing.
Looking for ways to increase positive word of mouth?
Introduce all of your customers to each other, on your site, on Facebook and on Twitter.