I have seen a lot more web hosting marketing and promoting on Twitter than anywhere else so I guess your statement is about the same for most web hosting providers.I usually tend to spend around 2 hours per week doing social media. The problem with social media, at least in my field of work, web hosting, is that the customers are not there. The only real effective network where you gain interaction is done via Twitter. And I am not sure how many sales we even had from Twitter. Facebook, Google+, LinkedIN are useless. On Facebook some customers come to read reviews and so on but they only stay for a few minutes and never return.
So basically Social Media is done just to be present there but without any real returns.
Do you do paid advertising on Twitter or just market and promote your services yourself?