The Internet is the word which directly connect us towards Social Media, which has provided people from all over the world with an opportunity to bridge communication and geographical boundaries in order to share information with each other. Perhaps, now in this world none is more powerful than social media. Social networking has evolved through the years and is now more popular than ever, with millions of accounts created each year and twenty of millions of content shared each day. However, social media is no longer just about connecting with friends and posting about how they are feeling today, as this medium has certainly evolved to impact our daily lives in both lighthearted and serious ways. Here are some points related to it i.e.

(1) In Business : Companies big and small are now using social networking sites such as Facebook, Instagram, Twitter, and Snapchats to advertise to a much larger network of potential customers. Ads are prominently displayed whenever possible, and entrepreneurs can peddle their goods and services to their small network of friends, with the circle having a great potential for expansion due to sharing functionalities.

(2) In Entertainment : Who can forget about the Korean superstar PSYs Gangnam Style. Its sensational success can be attributed to its tremendous following on YouTube, which has collect over a billion views within a short span of time. Social media such as Twitter are also among the most favored channels of celebrities to promote their work as well as to interact with their fans, with Justin Bieber and Katy Perry leading the charge for most Twitter followers. Hence it is the great way to make your Business at high growth.
So, Yes Social Media is very essential for us in today's world.

With more than 2 billion people existing on various social media channels, marketers see social media as a great platform to reach the target audience. Marketers join niche groups on social media to spread the word about their products and services among those people who are actually interested in them, thereby increasing chances of conversion by many folds. I won't say other modes of marketing are completely dead, but social media marketing is certainly a great way to give a huge boost to your business growth.

Hello Lueis,

First of all, yes it's very true that in today's world SMM is very essential as the world has been converted very quickly and becoming analogue to digital. People are using electronic media as a mode of communication for their day to day not only routine but for the social purpose too. People consumes digital content on a daily and the medium is Social Media.
And to clear you last point: According to me, modes of Marketing never fades it depends on what kind of product you are marketing and what are your targeted audiences. Also, There are some Traditional Marketing strategies that should be followed and were followed by many organisation for product promotion.

For more on Traditional marketing you can take a look from the below article:

http://findnerd.com/list/view/Digital-Marketing-and-Traditional-Marketing-The-Difference/9611/

And for more on SMM and Digital Marketing you can visit my any tute set article from the right side of the page, just open below link :

http://findnerd.com/list/view/Digital-Marketing-and-it-s-Role-in-Business-Promotion/1375/33

Social Media is the biggest platform to promote any small or large business. Nowadays people are more active on social media. According to the new survey, people spend on an average 1.72 hours a day on social media network. We can find all age group people here and our targeted audience as well.

To Enhance company trustworthiness Social media channels are proactive tools when it comes to increasing your company trustworthiness. By closely communicating with clients on a social media level, we become a trusted source of information which makes it a great asset when creating company awareness and brand credibility.

Great Question! Social Media is very much essential for business. Have a look at the detailed information for the same at http://findnerd.com/list/view/6-Vital-Social-Media-Tips-for-Growing-your-Business/21778/