Not necessarily. Traditional marketing techniques still have their place in the business world. For example, if you operate a store front, you may still find print advertising and radio effective in generating business from your local market area. Similarly, an online business will still need to promote their website via additional online avenues. Social media marketing will not replace your other marketing initiatives 100%, but is rather a powerful addition to your marketing strategy. You should continue to use other strategies in conjunction with social media marketing as they prove successful to your business.