There are many ways to leverage Social Media to achieve business objectives; a typical one is to focus on a “higher calling”; a “common objective” around which your target audience naturally gravitates and which can provide a great context to present the products and services.
Take a look at this effort to create a Social Network (DePaul Quad) by DePaul university (targeted to the parents of the Students). Think about the opportunities and possibilities that this opens for clothing manufacturers, retail, etc.
P.S. "Higher calling" is a phrase I adopted from my friend Jake McKee, due credit