Any company entering the social media space often asks themselves the same questions: How is ALL of this going to benefit us? What if it all goes wrong? This matrix from Jeremiah Owyang boils down the main concerns and take aways into an easy to read format. To some organizations it's obvious; if people are talking about them online, whether positive or negative, they want to be there and give a voice to their brand. To other organizations, they are not ready for the "risk" or transparency that social media allows. Although, deciding whether to participate VS not to participate isn't quite as hard as HOW to participate.
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Once (and if) you decide to participate, there are an incredible amount of things you need to take into account, but I believe it can be boiled down to 3 key questions before you develop a strategy:
1. WHERE are your customers and critics talking about your company & brand? (I assume if you decide to do SM, you already know your audience & customers are online 
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2. What role is social media going to take as part of your offering? Will it be a sales channel? A customer support provider? An information resource? Obviously social media can be used for more then one function, but setting forth a PURPOSE of your activities, instead of just flinging yourself into the space is important.
3. How am I going to gauge my success and failures? How do I continue doing what WORKS and stop wasting time with what doesn't. Trying something new doesn't always go as planned, but being able to measure or simply know how you're doing is the foundation of knowing how to continue to improve.
