During last week’s BusinessWire sponsored panel discussion at the City Club in Cleveland (video above), every panelist agreed that determining social media ROI should be a distinct component of any social media campaign. So why do so few companies track any form of ROI?

Because it’s boring.

There, I said it. The cat’s out of the bag. Determining social media ROI is tedious, dull and boring. It requires you to read reports, check analytics, create timelines and check data against specific activities and website minutiae that are profoundly uninspiring, yet absolutely necessary.

Getting a social media program off the ground is fun. It requires strategic planning, creative execution and active engagement. Everything is fresh and exciting. Every new conversation is an affirmation and every relationship is a success.

Tracking the results of this activity, however, is considerably less fun. Although there are excellent software tools, like Radian6, that will measure the success of your social media efforts, most of these cost money. Social media is supposed to be free, isn’t it? So, most small companies will likely develop some home-grown, spreadsheet based tracking mechanisms to determine their ROI.

And then, they’ll be largely ignored or neglected, like 84% of social media programs.

Because tracking ROI requires you to know what you’re measuring, how to measure, how to interpret the data, how and when to establish a baseline, how to measure impact and requires you to track specific transactional activities.

And where’s the fun in that?