if traditional media enabled us to connect, by informing us about the world around us and gave us a common stage to have the same knowledge. then social media has enabled us to participate by allowing to publish anything, from text to multimedia.
participation requires connection, it is a step up from merely being in the same room, you need to say something in order to be heard.
that's the main difference i see between the media we used to have, and the media we currently have. and so, you need a new media strategy, not because you want to exist in the mindshare of the public, but because you want to participate with them in their conversations.