Let's talk a look at the different types of social media websites and their uses.
Social Media News Websites
The distinguishing feature of this type of site is users submit links to Web content (articles, podcasts, videos, etc) that they find interesting. Think of these sites as social filtering, so that the best, most interesting content floats to the top.
Social Media Networking Websites
The distinguishing feature of a social networking site is the ability to upload a personal profile. These sites usually focus on the individual and connecting with other people. Today, adults (and businesses) have joined the social networking bandwagon with more useful sites like LinkedIn (social networking for professionals) and Facebook (social networking for everyone, it seems).
Social Media Photo and Video Sharing
One of the most popular types of social media sites are the photo and video sharing services. Even though social networking sites like Facebook allow users to upload photos and videos, the standalone services are still immensely popular.
Microblogging Blogging Websites
Sometimes called "presence apps", these services let users post very short messages (kind of like blogging), and easily keep up with what their friends are posting (that's where the social media aspect comes into play).
Twitter is by far the most popular microblogging service. Twitter limits you to 140 characters per post, and allows you to follow a set of users ("friends") from one dashboard.
Social Media Review Websites
Local business review site Yelp! shows how social reviews can make or break a company.
Social Media for Everyone
Social media has broad implications for businesses - online or otherwise. There is at least one social media site for everyone. Here are some general guidelines on the best uses of social media for your business:
Facebook: A great site if you are marketing to a general consumer market.
LinkedIn: Perfect for people who love one-to-one networking.
Pinterest: A great match for businesses that are very visual (physical products, interior design, etc.)
YouTube: If you're willing to put the time and effort into a video marketing strategy, this is the place to be.
Yelp!: If you're a main street retailer or restaurant, you live and die by the reviews on Yelp!.