Are social media and an online marketing strategy a good investment of time and money?

It should come as no surprise that the proliferation of social media has turned social networking into an important business tool. And with each year that passes, more and more social networking sites have cropped up, each with unique opportunities to market a business or product. The problem is: you only need to master them.  No big deal, right? (I’m kidding).

Is it possible these days to grow an online business without an online marketing strategy –including all the liking, blogging, sharing and tweeting?  After all, it’s time consuming!