Good content benefits you by engaging with target audiences, creating understanding, telling your story, and underlining your reputation, value and trustworthiness. Content marketing may be a "beast" which needs to be fed consistently, but it's also important your content is strategic and sends the right messages.
The best content marketing use a blend of "owned" self-published content, and "earned" content via external media sources. There is significant overlap, with both working to build your social media presence and enhance your engagement.
Not all organisations need a huge social media presence, but nearly all require some. Good content marketing is at the heart of this social media profile and an essential part of your external communications strategy.