More than half of companies using social media do not monitor the platform's ROI, and 18 percent don't know whether or not their company does so.

Social media has become a valuable marketing tool for businesses across industries, but according to a new study, many companies in the food and beverage industry are failing to grasp the potential of the platform.

The study, conducted by just-drinks, found that more than half of surveyed food and drink companies have incorporated social media into their content marketing strategies. However, of those companies, more than two-thirds indicated they either don't monitor the return on investment of social media or they don't know if their businesses do so.

Social networks, such as Facebook and Twitter, have proven to be highly effective, cost-efficient marketing platforms. Businesses, regardless of industry, can utilize such channels to reach out to customers and help generate more brand exposure. However, without monitoring the ROI of such networks, companies will be unable to get a clear picture of how social media is benefiting their business.

Whether companies are able to monitor the effectiveness of social networking or not, social media marketing continues to grow increasingly popular. As Brafton recently reported, a new study from Web Liquid revealed that 63 percent of surveyed businesses plan to increase their social media marketing activities this year.

As this trend unfolds, it will be important for companies devote resources to the effectiveness of such practices.