Every company, every marketer often dwells on the ROI for social media, and there’s a popular misconception that relevant metrics are lacking. While it’s true that standard metrics are evolving, there are many ways to measure the impact of social media on a company’s marketing performance.

Walking into a ballgame, you are likely to hear someone shouting, “Program! Get your program! Can’t tell the players without a program!” I can’t think of a better analogy for developing a “best practices” social media program: its all about nailing down – in writing – who you need to connect with online, what you are trying to achieve with them, and knowing what to measure so that you will know if you have achieved your goals.

Pepsi gets it! Its decision to sit out the Super Bowl, once deemed a “can’t miss” showcase for major advertisers, underscores how social media and the Internet are reshaping marketing by providing companies better ways to convey their messages to customers who might be likely to buy their products.