Social Media Optimization (SMO) and Marketing (SMM) or how to get even more traffic?

First of all what is Social Media Optimization?
Social Media Optimization is a way to generate publicity through social websites and communities. SMO includes:

• Blogging
• RSS Feeds
• Social Networks
  
• Social Bookmarking (SB)
• Video and Photo public sharing

What are the good points of the Social Media Optimization:

• Increase your in-links
• Facilitates tagging, bookmarking, voting
  
• Makes easier the content sharing

All of this can help you drive more traffic to your site. For example a good video on you tube can redirect to you millions of visitors.
Social Media Optimization parts in depth:
Social Blogging. You can host your blog alone or use a service like blogger. In either way it can contribute great to increasing your traffic. First blogs attracts great number of readers, and thus engages readers to your site or product. Also good blogs have regular updated content and are indexed faster from the search engines, which helps to rang better on SERP.
RSS Feeds. Publishing your RSS Feeds can help you get even more fans.
Social Networks are a great way to popularize your web site, service or product.
Social Bookmarking is a way people to bookmark, share and vote something that they like in internet. Also it is an effective way for website or blog promotion. In a SEO aspect it is a way to get more quality backlinks.
Video and Photo public sharing is a fast way to spread your ads.

Don't forget that in the social media field users a the contributors of the content. Encourage the other people to contribute to your idea and goal. Be social! Just advertising won't help you much so be creative!