How do you measure the performance of Social Media Marketing?

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I'm managing the social media marketing for a B2C ecommerce website that sells educational services. I've set performance goals on the basis of referral traffic generated through social media platforms. However, I feel that referral traffic alone, would not be a correct measure of effectiveness of SMM. Hence I want to know if there are any other performance metrics that I should monitor to evaluate the performance of SMM.
So what are the metrics that you guys would suggest, to completely measure the overall effectiveness of SMM?

I'd love to hear your views and comments, and please let me know if you require any specific details, to better understand the scenario. Thank you
#marketing #measure #media #metrics #performance #social

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