Does all the hype surrounding social media make sense?

Isn't it time that somebody tried to deconstruct all this bullshit?

What are social media? Are they the same websites we used to call social networks? Why did we start calling them social media?

What is social media marketing? Are companies doing it right? Does it make sense to send people who visit your website to Twitter and Facebook?

Do people really want to "engage" with brands? Do companies really want to have "conversations" with their customers? Conversations about what?

What is the value of a Facebook "like"? What is "organic reach"? What happens now that the free lunch is over?