There are hundreds of tools to measure social media and even more opinions about which metrics are the most important. The fact of the matter is that Social Media, though growing at an alarming rate, is still struggling to define standard KPI's across industries and measure them accurately. Not to mention, it's all rather subjective.
Not all companies value the same things
The social media analytics a company pays attention to has less to do with industry standards and more to do with the values of the individual company. Are you driven by sales? You are going to be tracking social conversions. Do you pride yourself on strong customer service? You'll be focused on response rates. Trying to grow a community of supports? Follower counts will be your main driver. It's all about deciding what's important to you.
We still can't put an accurate $ value on social media
Social conversions only measure people that have directly followed the path from one of your social media links to your website and then engaged (either via a purchase, newsletter sign-up or contact form). This leaves a lot of information unaccounted for. Social media sites like Instagram don't direct back to your website seamlessly and it's still not possible to calculate the impact social media has on creating brand awareness and desire to a specific dollar amount. It's frustrating for marketing departments everywhere, but that doesn't mean you should give up on social media. Focus on building your social community and the sales will follow suit, even if you can't quantify them as well as you'd like.
Analytics are only as valuable as what you do with them
The information you get from your analytics should be a huge part of your social listening strategy. Collecting numbers and figures should not just be to appease the C-Suite and show follower counts and conversion. A good social media manager pays attention to things like sentiment and engagement so you can figure out which content is most successful with your audience. And then they make more of it!