Marketer's want their brands to be 'social' and 'viral' more then ever and they want it to happen quickly. It's something I'm sure most of the industry is grappling with. The reality is, if you have zero presence in the space and there's no social affinity with your brand this probably isn't going to happen for you overnight.
An article published on The Australian today ran some shining PR for a "blog advertising community" claiming advertisers are spending $100,000 per campaign to tap into bloggers. The IAB continues to announce year on year growth in digital spends (Mumbrella) which is great for online, but it doesn't equate to investment.
Scratch the surface on almost Social Media success case study and you will inevitably find some pre-existing social engagement and interaction (i.e. Sportsgirl Forums, Best Job in the World, Fiesta Movement). They are built on a deeper foundation and an environment that fosters ongoing exploration. On the other hand when you look at the stuff ups (i.e. iSnack 2.0, Toyota) you find the opposite... a grab for headlines in a new medium.
The best way to squander money on Social Media is to focus on only short term gains.