Social Media Management - What and Why

I see company's offering social media management and I have been approached about it myself now so looking for some information what company's actually do to "manage" there social media on a weeky/montly basis.

So I will take three of the big ones but what do I actually offer apart from what I have come up with.

Facebook
Initial set up / Design
Add latest offers etc weekly (which they would need to tell me about anyway)

Twitter
Initial set up / Design
Add latest offers etc weekly (which they would need to tell me about anyway)

YouTube
Initial set up / Design
Come up with a viral video

Hmm. So the initial set up is the big thing but why do people pay for people to manage there social media if the company that manages it is going to have to ask them what to say on it anyway? As the company managing the social media does not know what offers/images to upload etc without getting it from the company they are working for.

Confused to why people would pay for them to do this on a monthly basis..? :S

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well, typicaly you will have to build followers to those sites as well, and do more then just post offers/ads.. also, you might want to throw a blog into the mix. Myspace used to be part of it as well - and while a lot of people will snicker at it, it still get's over 17 million unique visitors a month, so it's worth considering throwing it into the mix I think.

One thing I have learned - the successful companies involved in managing "internet marketing" initiatives for others usually build their sales pitch on 'reach', as defined by how many sites they cover (not traffic potential). It doesn't seem to register with a lot of clients that most of those sites get shit for traffic, that the followers are often just insiders (consultants in their industry trying to be active in 'social marketing' themselves, etc) - or the followers are not local to their business.

so - wow them with how many sites you will cover for them