How to determine the ROI of wearing your pants: subtract from your income all clients who would do business with that guy (or gal) that doesn't wear pants.
The idea that you cannot measure the value of social media to an organization is perpetuated by people who don't like to be measured, monitored, or accountable.
The exciting thing about the social web is not that the value can't be measured: its that it can be measured in so many ways. If your company spends money hiring PR consultants, fielding sales or customer service surveys, conducting focus groups, or planning marketing campaigns then you have an opportunity to measure how a social web program creates value.
I'm not implying that these activities can go away (cuz' we'd be out of a job) but there are specific results that most traditional communication and research methods are trying to achieve and they are better served using social web tools. Since each of these activities has a price (what you pay vendors) and a cost (your internal resources) you can measure where social web programs reduce cost and deliver better results.
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