Are there any differences between a social CRM strategy and a traditional CRM strategy?

Until recently CRM had four main channels - phone, email, web and physical real world channels like events, walk-in, retail etc.

Now social media will be come a fifth channel. Depending on specific industries some of the channels will be more important for some than others.

Social media is very interesting because until now conversations were mostly between company to customers but now its possible (necessary) to keep track of and influence customer to customer conversations about the brand.

As I understand, by traditional strategy you mean the one that covers Sales, Marketing and Service. Social media has changed these, e.g.:
1. Marketing. Now you can promote your product with help of brand advocates. You could do it before, but by now this approach has grown from tactical or even operational level to the strategic level.
2. Sales. I think there is no need to repeat how a business can use social media (together with mobile, geo-location, etc.) to sell more :)
3. Service. Using twitter to catch customer problems will become ubiquitous the next few years. Such companies as Zendesk and Assistly are standing proof of this statement :)

At the same time, Social adds cool tools, like Crowdsourcing. It also enables companies to attract more customers, change their behavior from mere consumption to engagement. But as all tools it requires ‘safety regulations’ - businesses should pay more attention to brand reputation, be more open, apply social media policies, etc.

So the right answer is YES, there are many differences between a social CRM strategy and a traditional CRM strategy :)