Is social bookmarking effective in website promotion?

Actually, they do for you. However, you have to use them smartly, sharing the posts, using them every day, pinging all the links to get them indexed.
 
In small and medium business, social media, especially Facebook, helps your business a lot. It's not only get traffic, get engagements, get visitor via social its also help you to build your brand awareness, sell your products, your services quickly with cheaper cost. With Facebook, there have many types of advertisement on it and base on your business you want, you can run each ads types belong to it, example: CPC, Boost post, Get like, Get lead, video view,...
 
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