Social Media? Yeah but what about ROI?

Olivier Blanchard Basics Of Social Media Roi
Whilst many gush and wow over SMM few are prepared to address the essential issue of ROI. Well done Olivier for at least standing tall and looking the question in the eye.
It’s an intelligent and considered response. Thanks Olivier.
We Are Social seem to like what he’s saying.  Do you?
What do you look for in your SMM?
Which needles are you choosing to shift? How do yo go about identifying your SMM successes and failures?