Jason Falls would say no. This post is centered around a presentation he was creating for Makers Mark on how to utilize Web 2.0 technologies. I think this quote says it best:
“Social media and Web 2.0 are great, but not pure play. If you don’t already have a community built around your brand, you may as well set your Internet marketing budget on fire, because you’re faking it.”
By the way, it's definitely worth following Jason's blog and his Twitter profile. Almost always great stuff.
http://www.socialmediaexplorer.com/2009/01/26/building-on-line-community-starts-off-line/
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