SEOBook offered an interesting article that talks about how to measure the impacts of social media on you brand/business. It talks about many things, including how there is no real industry standard and the measuring of impacts varies by what you are selling. If you are a restaurant or a store, you may measure the impact by how many people come in. If you're promoting a blog, you may measure it by looking at Google Analytics to see what hits are coming from what social media networks.
It also provides 7 things to measure, which includes the important question of "What are your goals/objectives?"
If you haven't set any goals yet for your social media endeavors, perhaps now is the time to look into doing so.
Check this article out and then look at setting some goals:
http://www.seobook.com/measuring-social-media
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