I've been wracking my brains to think of how I would try and exploit social networking if I was running that business but so far I have come up empty.IME, social networks are awesome for raising publicity if you can get your real fans to tell their friends about you, if whatever you do is something that will be genuinely interesting to those with common interests (which of course friends tend to have). It's a networking effect, a real-time version of good old word-of-mouth advertising, which has always been by far the best kind to have.
Weaker personal actions such as likes, follows, mailing list subscriptions and all that jazz might have some benefit, but I don't believe it's anything like as much. I'm thinking this is because these are personal expressions of interest, but in reality they probably have little if any networking power.
I lack faith that any sort of paid Facebook advertising will even have a positive RoI, based on a few small-scale experiments that I personally know about and on media reporting of larger organisations not doing any better. I suspect a lot of people treat these ads much as they would treat junk mail: just another form of spam to be auto-ignored, and probably subject to banner blindness by now.