Social media marketing may be all the rage in the world of marketing, but the bean counters are not impressed. This is the latest assessment from Razorfish in its annual report on the state of social media. We outline here a few ways to take advantage of this lag in the market and make social media a more cost-effective outreach component.

Razorfish’s Outlook Report 2010, its annual breakdown of client media spending, reported that only 4 percent of its clients’ spending went towards social media ad displays. Here’s why we think this actually packs good news for the canny marketer:

First of all, as mentioned in the report, ad displays on social site like Facebook and YouTube can still run dirt cheap. The advice: load up on the ad space while it’s still cheap to complement your outreach efforts. It won’t always be such a bargain.

Secondly, social media, if done correctly, packs a nice “earned media” punch. The advice: make sure the branded Facebook page is fully up-to-date and engaging customers. Be religious about uploading new videos on the company’s YouTube channel and Twitter feed, too.

What it comes down to yet again is an investment of time and money. “We’re starting to say to clients, you have to spend more on content,” said Razorfish CEO Bob Lord. “With Facebook, people are realizing they’ve got to participate in it. And participate in a much more substantial way.”