Social platforms like Twitter allow businesses to find their current customers or seek out potential new ones. A good example would be that after finding those tweeting about your product of service, you can start reaching out to them, build on the relationship and they might become a brand ambassidor or avid fan of your business
Benefits of social media for business is the increase in traffic to your website it can create. Social media can help you funnel people to your website plus the more social media 'shares' you are receiving, the higher your search ranking can be.
Social media for businesses can give you instant positive or negative feedback, which can mean valuable insights from the customer view point. If you were to create and launch a new product and share the news on social media, you’ll instantly gain your customers feedback and thoughts on it.
More recently there isn't a more cost effective way to generate leads for your business. Also if your prepared to consider Twitter advertising, Facebook or LinkedIn advertising these and provide a great ROI if crafted properly.
Engaging in social media via updates, blog posts, tweets, sharing images etc, can help you breath life into your brand. Being interactive with your customers and potential future customers can give you the edge on your competition. Creating conversations, asking and receiving live feedback and making your brand 'real'. Will help you to remain in the minds of potential when they come to consider services and products that you might offer.