This approach has merit, and could be particularly useful in the case of big companies that do things on a huge scale. But I think it might be a bit limiting for many small businesses with only a few employees.
Planning can be overdone
Frankly I think it's best to not think too hard and long before you start your journey into this world. Sure, do some research and get some good advice. But in the end you've just got to get in there and start connecting, following, tweeting, retweeting, liking and updating. You'll find your way in time.
After all, social media usage is a personal thing. You're being your "real" self you more than your professional persona. Yes, you're representing your own or your employer's business. So you have to be mindful of that. But you shouldn't let this get in the way of how you interact with others on these networks. If you do, you can run the risk of being stilted, stuffy. You could even wind up being a bit paranoid ...
Let things develop naturally
Just as it takes a while to get settled into a new job, town or suburb you have to put up with a feeling of unfamiliarity, and gradually ease your way into the process. There'll be a whole lot of ways that you can approach this challenge. But you have to find your own way. That's why the sooner you get into it, the better.
The key is to just keep returning and being active. Before long you'll figure out what works for you, and what you're comfortable with. And this will sometimes run counter to instructions from so-called social media gurus.
Once you've found your way around a social site you should keep trying new things, too. Lately for example, I've been getting more and more into hashtags. I always knew that they were powerful. But I kept using the same ones over and over again. I've found that by varying them you can get a better effect.
It's just socializing, after all
I think a lot of people dread getting into social media because they think that it's like hard work. And words like "strategy" reinforce this perception.
Instead of work, it's best to see it as just "shootin' the breeze" with people in your industry, around subjects related to it. Then the activity will flow naturally and enjoyably. The more you enjoy it the more time you'll spend on it. This will result in a greater number of meaningful connections and ultimately more business.