Recommend for developing a social media strategy

From: Otto DeLupe, Chief Marketing Officer
To: You
Re: Face time or Facebook?
I think we should be doing more with Social Media. We have a website and Facebook page, what else should we be doing to connect with our customers? What I really need to know is what you recommend for developing a social media strategy? Are there any downsides to getting more involved? Can you give me a page on this?