A 2009 study by Mzinga and Babson Executive Education reported that 84 percent of professionals from a variety of industries said that they do not measure ROI within social media. This, tallied with my own experience, suggests there is a widespread desire to jump into social networking without all—or even some—of the answers. But not making the attempt to explore metrics is not an option for businesses with long-term vision and goals. ROI does not mean "Return on Ignorance."

The barrier to entry in social networks is much lower than in most other communications and branding channels. In many cases, establishing a presence in these networks is free. But remember the saying, "nothing in life is free?" The same holds true in social media. Your time has a price tag, and resources don't materialize without costs. At the same time, the imperative of social media is real.