Most of the people that I know who are really making an impact for companies in the social media space see themselves as marketers, vs. singling themselves out as specific to social media. Obviously the demand for social media specific expertise is high, so one must self-identify with that area of focus.
But when it comes down to providing social media consulting, it’s part of an overall online marketing strategy that involves social media, SEO, email, display, PPC etc as appropriate to reach business goals, not just “social media”. Granted, there are changes in social consumer behavior and technology that must be accounted for, but an adaptive online marketing strategy accounts for those changes anyway. Focusing solely on social media or as an independent activity is a disadvantage.