YES it does equal more people thru your front door for a few reasons.

Any successful marketing requires people to talk about your business in some way shape or form. Facebook is the biggest chat room on the planet, and if people are talking about your business/a business and saying good things, it will mean more bums on seats/or people thru the front door (front door can be via telephone or literal walk ins).

Referrals and word of mouth is paramount in any business and thats why the internet and facebook works for a business. Just look at Sterns www.acdcpinball.com site.
I found that from looking at facebook. All target marketing can have a positive result.

I had a job today (Alarm sale and install) worth a few grand to me. I never met the bloke, but he said I installed an alarm into his friends house, and his friend posted on facebook that he had got a great deal from me, so this guy got my details from a facebook post. It happens regulary. People tell people who tell people who tell people and so on. The phone rings because of it. Facebook is good for business. 

p.s - For Pete,If I had a cakeshop/pie shop, I would start a post on facebook saying anyone who comes into my store and mentions my facebook page, u get xyz off percentage wise, or a free drink with every xyz. See how many people tell their friends about your business. Post regular updates about your business. People like to read anything and everything on facebook, espescially those addicted (thats apx 95 percent.lol)