Nick Cifuentes over at ClickZ penned a great piece on measuring the impact of social media, breaking it down by translating five traditional metrics:

• Return on engagement
• Return on participation
• Return on involvement
• Return on attention
• Return on trust

While calculating these metrics is no easy feat, it creates a framework for applying traditional valuation and measurement models on a non-traditional space that is evolving rapidly – and it therefore a great place to get started once you’ve mastered the basics.