I guess the best way to describe it is by starting out with what it's NOT.
Social marketing is the direct opposite of "commercial marketing" - or marketing tactics that, by definition, have a clear financial goal or objective at the forefront.
Social marketing, on the other hand, is designed to affect an audience's behavior in order to have a positive social impact.
Although it may use commercial marketing tactics, a successful social marketing campaign aims to do one of two things:
1) Encourage positive behavior for the overall social good (such as wearing seatbelt or giving blood donations)
2) Discourage negative behavior for the overall social good (discourage smoking, discourage drink-driving).
Social marketing is an approach used to develop activities aimed at changing or maintaining people's behaviour for the benefit of individuals and society as a whole.