Much has been said about the significance of social media, its meaning, its origins, etc.  The bottomline is this, social media to the user, consumer, to me, to you is a mere reflection of the social interactions people have in the physical world.  It is the technology that enhances the ability for more efficiently communicate with other people.  The significance to marketers?  It’s observable and measurable like no other medium of communication.  Since social media allows the individual to create a digital representation of themselves, if offers unparalleled insight into consumer behaviors (hence the focus group or fish bowl concept as I refer to is obsolete).