On a scale of 1 to 10 (critical), how important is Social Media as part of your overall marketing strategy? Should it be more or less important, why?

In my opinion, its an integral part of your marketing strategy. One cannot afford to neglect it. 

In terms of weightage, I would place it closer to the top than the middle because today, most prospective clients do their homework online, read reviews and issues with your organization online, before they decide to do business with you. 

It makes sense to start with a clear strategy to position yourself online from the very outset.