SME and social media

I've conversed with many small and medium sized businesses. And one thing that keeps on resonating from them is - "what do I do in social media? Help us address it".

SME fully recognize the importance and relevance of social media. To them its a cost-effective channel to reach their audience. However there is confusion in their minds on multiple fronts:

1. What is the best way to get their message out to users? i.e. should they put up a facebook fan page and have twitter presence? or both?
2. What about mobile? What do they do - create a smartphone app or advertise in mobile. If so, how?
3. How to measure ROI?
4. They have invested heavily in building out their web presence, however audience growth is in social media. "Can I leverage my web site in there?" This is especially true for SME who have built out storefronts on their web site. How are they going to mimic it in social media.
5. If everyone talks about "engaging with users", how is that achieved? Is it via simple ads or more engaging ads? If its engaging ads, what format works the best? Display or social apps?
6. If they in the market for performance advertising - generating leads, etc. How to do it?
7. How to do it in a cost-effective manner? Today companies in this area are charging arm and a leg - min. of $5,000 to start the campaigns.
8. And, last but not least - "I want to do it now and in a cost-effective manner".

These are some of the questions we grappled with in Oolium when we built out customizable, simple to use social application for SMEs.