You’re right that anyone who claims to know how to exactly measure social media ROI is that snake oil salesman we were all warning the audience about. Luckily, there are many potential ways that social media can deliver value. Beyond promotion, social media tactics can lower customer support costs, improve customer satisfaction and help brand managers understand how their products are being perceived.

That’s why I recommended that everyone start with the book Groundswell. Written by two of Augie’s predecessors at Forrester — Charlene Li and Josh Bernoff — it describes a number of different social media strategies and the tactics that serve them. Each includes a well-reasoned attempt at calculating ROI.

It’s hardly the complete solution to the social media ROI puzzle, but it fits together more pieces to it than I’ve seen elsewhere.