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I've worked with hundreds of businesses and trained thousands of individuals in social media marketing, and one of the biggest mistakes that I see from companies of all sizes is a failure to plan.
Many businesses hear about Facebook and Twitter and jump in, without spending time upfront identifying their strategy or creating compelling content. The key to success in social media is building a solid plan. Since social media is "free," most businesses don't spend the appropriate time planning or working out a creative execution.
The reality is that success in social media marketing is more difficult now than it was in the past. An average person on Facebook is connected to 130 people and 60 pages, groups, and events. That means that you have to break through the noise of 190 other connections in order to get noticed. The reality is that most businesses don't break through and most of their posts go completely unnoticed by their fans.