
Two quotes from Chess Media Group's Guide to Understanding Social CRM:
"Social CRM is based on the simple premise that you are able to interact with your customers based on their needs, not your rules."
"[T]hese customers are more engaged than ever before, and are setting the tone, pace and direction that companies must go. Companies must begin to collaborate with and engage the customer, but need to be respectful, and therefore must also deliberately decide on the proper response to each interaction with her. This will require greater internal collaboration with finance, operations, innovation, and other departments within the company."
Further reading:
Facebook recently released a new version of Analytics that will track not only Page activity like posts, interaction quality, and fans, but also domain activity. The Facebook Developer's Blog explains "domain activity" as "what your audience finds most interesting" on your website.
But let's not forget Google Analytics. Sarah Worsham of Sazbean Consulting has shared her insights of how to use Google Analytics to Measure Social Media Success on Slideshare.
Slide #6 is particularly interesting:

Further reading:
While 2009 may have been a “trial” run for many brands and social media, in 2010, CMOs expect social initiatives to directly impact their bottom lines, without exception.
And yet the vast majority of businesses tracking social media today are using the wrong metrics. This is why Jeremy Owyang and Charlene Li's Altimeter Group introduced a new Social Media Measurement standard. Social Marketing Analytics is the discipline that helps companies measure, assess and explain the performance of social media initiatives in the context of specific business objectives.
Further reading:
Slides and Recording: Social Marketing Analytics Research Findings @ web-strategist.com
Social Marketing Analytics @ slideshare.net
Social Marketing Analytics: A New Framework for Measuring Results in Social Media, by John Lovett and Jeremiah Owyang @ vimeo.com
Altimeter Report: Social Marketing Analytics @ slideshare.net