Did video kill the radio star?
No, it’s just the default reaction to the arrival of a new form of communications.
The real question is: What do you mean by digital media? Do you want to join in a social networking community? Or start micro-blogging on twitter.com? If so, what do you want to use it for?
Once you know where you want to be and what you want to do there, you can approach like any other mass market communications channel, with a well thought-out and clearly articulated communications plan.
Just be aware of the differences in both function and methodology. For instance: social media is at its core a conversation. So whatever you say, people can say straight back. And if you and your company are not ready yet to take the good with the bad (without creating a scene), stick with the traditional media channels where you can talk at people about what you want them to hear, rather than engaging in a conversation with them.