Yes, you are able to measure the success of your social media. It has been said that it is not measureable, but there are some ways you can cross reference to validate the success of your social media campaign. All these measures may or may not be suitable to every social media campaign.

A few include:
Number of fans
Number of friends
Number of followers
Rate at which you get fans, friends and followers
Mainstream media mentions
Asset popularity (video/image views)
Like/Dislike
Embeds/Installs
Uploads
Downloads
Ration of embeds or favourting to views

Ratings
Social bookmarking
Subscriptions (RSS, Podcasts, Video Series)
Effective Click Per Minute
Page views

Increase in search due to social activity
Change in search engine rankings for the site linked through social media

Influence of consumers reached
Influence of publishers reached (Eg Blogs)
Influence of brands participating in social channels
Demographics of target audience engaged with social channels
Contest entries
Wiki Contributors

Customers assisted
Impact on online sales
Impact on offline sales
Discount redemption rate
Costs saved from not spending on traditional research
Volume of customers feedback generated

Savings generated by enabling customers to connect with eachother
Products sampled
Leads generated
Visits to store locator pages
Conversion change due to user ratings, reviews
Change in market share

Demographics of audience reached through social media
Social media habits/interests of target audience
Geography of participating consumers
Sentiment by volume of posts
Sentiment by volume of impressions
Languages spoken by participating consumers

Clicks
Percentage of traffic generated from earned media
Number of interactions
View-throughs
Polls taken/votes received
Brand association
Tags added
Responses to socially posted events
Attendance generated at in-person events
Employees reached (internal programs)
Job applications received

If you would like any additional information on the above mentioned measures of success, please contact us via reply post or admin@sociallywirednow.com

Good luck in the journey of social media marketing!!!