Measuring the benefits of social media can be very easy but also at the same time with in your market there are ways to find out the exact numbers and statistics to find factual evidence on your product or market to understand what social media is doing for you. The simplest way to see if social media is benefiting you or your company/product by the likes or trafficking that is being done by the social media web pages where you could have discounts or coupons that people are using and you can see an increase in flow of people going through the social world that is users.
Other ways in social media to track can be looked at on this website http://www.briansolis.com/2011/08/14-best-practices-for-brands-to-grow-their-audiences-in-social-media/
This website shows the 14 best practices for brands to grow their audiences in social media, and it talks about the best ways to create more trafficking and by doing this you can also track the progress of yours thought these. A few really jumped out at me from this website and they were, design and effective channel strategy, develop an editorial program, and serve customers and prospects. These three just jumped out at me because they are obtainable and easy to keep track of but also they will draw more followers and people to your social world. With a effective channel strategy you are posting blogs or anything with a like able presence that can be tracked and surveyed because how many people like it. With an editorial program you are getting new things out there with the hope of having your followers give feed back to whats going on so you can hear there voice or read their opinions. By doing this for the customers and prospects it promotes you and gives the customers and prospects feeling of being apart of something more.