File this under "quick tips". I wrote a blog post about it and asked for feedback on the strategy. My editor said, "It's too long for the topic. You could sum it up in 2 paragraphs."
When you promote other businesses with your social media profile, you have the opportunity to touch them and their audience. On Facebook in particular, tagging other businesses and organizations is an easy way to do this.
Say something great about them. Talk about the restaurant that supplied you lasagna for the team on Saturday. Highlight an even from a local charity like the example above. There are tons of ways to make it happen.
Use ads. Just promoting your own stuff is fine, but you can as much if not more benefit by helping others every now and then as well. Here's an excerpt from the article:
At first glance, the image above would appear to belong to a horticulture page or perhaps an arboretum. It’s a bonsai plant, something that you don’t see every day on Facebook but interesting enough nonetheless. When people see it in their news feed, there’s a good chance they’ll look at the description to see what the post is all about. That’s when it hits them. This is a post by a car dealer. They are supporting an event in the local community by posting it on their Facebook page. They even sponsored the post.