So you're on the bandwagon and you've created a Facebook page, you're tweeting everyday, and maybe you've even got a YouTube channel. Now what? After you put any program in place, you need to measure, set new goals, then execute and this is no different. But how does one measure social media efforts?

First, I guess we need some goals. Typical ones might be to acquire customers, engage them, then convert them. So that translates to:

1. Increase Facebook fans and Twitter followers
2. Increase comments/posting and retweets
3. Increase redemption of offers via Facebook and Twitter

Counting fans and followers is easy, and tracking the redemption of coupons isn't that hard either, but measuring engagement is a tough one. How do you know whether your fans are reading your posts, and whether your posts have any meaning to them?

For Facebook, the fan page administrator has access to analytics called Facebook Insights. There you can check weekly metrics such as total fans, new fans, lost fans, demographics of fans, number of postings, numbers clicks, etc. Not nearly as comprehensive as Google Analytics, but well on its way.

For Twitter, getting information is a little tougher. Again, its easy to track followers and you can use tools like TweetMeme to encourage and track retweets. An interesting website called WeFollow tries to measure influence for certain topics. For example, the top three influencers for the topic "retail" are retailweek, retailwire, and retailerdaily. Other notables are #10 BestBuy, #11 GapOfficial, #12 JeffPR, and #17 OracleRetail. I assume influence is calculated based on number of followers, number of retweets, frequency of tweets, and perhaps depth of dialogs.

If you want to get serious about monitoring and measuring social marketing efforts, you'd be wise to invest in a strong tool. Several are listed on this wiki, including big ones like Radian6, Nielsen, Omniture, and Buzzient. Buzzient might be particularly interesting because its integrated with Oracle CRM OnDemand -- see the demo.

As always, I'm interested in hearing how others approach goal setting and monitoring of social media efforts, so feel free to post comments.