Social media is getting all the attention, but we must not forget that SEO and link building are still important. Most sites are still getting their traffic from search engines. When social networking site mature we will see more and more traffic originating from those sources, but right now you shouldn’t forget link building.
May be link building is not as cool as social media, but that is where you will get sustainable traffic. The good news is that social media will help you to build links. Here’s terrific presentation about linking and social media. From the presentation
Links are tha new currency. Social media is a linking machine.
In studies of the networks of citations between scientific papers, Derek de Solla Price showed in 1965 that the number of links to papers—i.e., the number of citations they receive—followed a Pareto distribution or power law. Recent interest in scale-free networks started in 1999 with work by Albert-László Barabási and colleagues who mapped the topology of a portion of the Web, finding that some nodes, which they called “hubs”, had many more connections than others and that the network as a whole had a power-law distribution of the number of links connecting to a node…