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I think there are two distinct areas you need to look at: customer outreach/relationships and brand advertising. The first area, building and maintaining relationships with (mostly) existing clients and customers is where I think social media is most valuable. This can be very difficult to quantify, after all, how do you measure the increase or maintenance of good will through social media contact? Number of likes? I'm not sure how meaningful that really is. The second, which is primarily focused on attracting new business, is much more of a challenge through social media. This is somewhat easier to quantify, through metrics such as Cost Per Click (CPC) and Click Through Rate (CTR).
Honestly, I think the jury is still out on the effectiveness of social media marketing. There is obviously value, but how much remains in question. If you recall, one of the big three auto manufacturers, I think it was GM, pulled back on Facebook advertising over doubts about effectiveness.
Here is a graphic that puts some of the metrics into visual form.