How much time does it take? Well some companies outsource a few hours each week while others hire full time community managers - it all really depends on the scope of your efforts.
How much does it cost to outsource? Again, that depends on the scope. And it can range from a few hundred dollars per week to thousands per month.
What businesses often fail to realize is this: social media marketing is marketing - and it requires (as said above) a certain time commitment. If you want daily posts, social media management on multiple platforms, strategic planning, audience targeting and ongoing consistent effort and analysis, you have to realize that all of that is not free. Or take the time to do it yourself.
Do yourself a favor and toss out the brochures (or at least scale back) and stop focusing on traditional marketing. It's time to direct those dollars toward digital media marketing and reach a wider audience. And then "online" will no longer be a big scary "what if" - it will be a "wow."