How important is social media for your Sacramento area business?

I wrote the other day about the importance of building an online business presence, and I was provoked further today about just how relevant social media truly is. It’s easy to think that newer mediums such as Twitter, Facebook, and blogging are a fad, but take a look at the Socialnomics video below (or here). I saw this today during a presentation by Chris Tellez at the Sacramento Association of Realtors YPC meeting.

What do you think? How does the video make you feel? Do stats like this bring pause about the way you do business or aim to do business in the future?