When considering social media and marketing applications, a lot of us focus on the content--a YouTube video or a blog post--or an online place where people congregate--like Facebook. That makes sense, too, given the way we behave in the real world: As marketers, we create content and then put it in places with lots of traffic, where it will get seen.
There's another aspect of social media, and more correctly of the Social Web itself, that I believe is much more important. To be sure, content is important: You need to say, do, or show something if you want to participate in a conversation. And true as well, it would be great if others joined with you. "But wait," as we say in marketing, "there's more."

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