It can be both good and bad. If you are able to spend the time needed to be active, then there is no easier way to reach the masses. If not, then there is nothing worse than to go to an inactive page with no responses. You can gain massive followers and recognition or it can be a reputation death sentence.

I found that Facebook, and Instagram worked wonders for product based businesses!

I can image LinkedIn would be great for service based businesses.

It's a good way to get exposure if you are able to differentiate yourself from the rest of like minded companies that are in this space. The problem with social media is that it is over saturated with noise. Moderating these platforms is impossible and even though the quarterly numbers show growth, I know from the people who I'm connected to, they use these platforms less and less. The people who you are going to grow from are not in your friends group and the people they know probably already referred you.