I don't know about others, but social media marketing worked well for my business.
I can relate to your situation. I am in the online business of consultation services, and when I first heard about social media marketing, my question was the same (Does social media marketing really works?).
But once I started reading various blogs and the information out there, and began to apply the tips and tricks suggested by the so-called marketing experts.
Success!
Leads started coming in...
So, the thing is, social media marketing does work if you apply it in the right way.
Here I am sharing some of the blogs you can go through.
15 Reasons Why Marketing Through Social Media is a Must For Every Small Business Will Social Media Marketing Really Help My Business Grow?
7 Steps to Growing a Strong Social Media Presence for Your Business
I wish you all the best!