After Larry's post, I wanted to add a link to a complementary article on SEOmoz about an analysis of social networking and how it is in many ways more trusted than email marketing for contacting potential partners or clients. In that analysis, one sentence in particular jumped out at me:

Wow.  With that in mind, consider how your pride and joy (and blood sweat & tears) — your business — appears to the internet at large.  By all means, first work on your basic website functionality, referring to our great starter guide for tips:

But after that, consider secondary online presences like a MySpace or Facebook page.  At the very least, do you personally have a LinkedIn profile? Consider adding these to your constantly growing toolkit for developing your business and branding.

The work of promotion and growing your unique brand never stops – not in a good economy, not in a down market, not ever.