Growth in social networks is undisputed. Sites like MySpace and Facebook are struggling to find ways to become viable ad platforms. But as brands and their agencies are increasingly seeing the importance of the space, no one has really cracked the monetization riddle. According to a recent study, the problem may be that agencies are using the wrong metrics.

Social networks, which primarily feature user-generated content in the form of emails, pictures, message board posts and games, don't operate like traditional publishers. But most advertisers use a traditional clickthrough metric to define the success of their campaigns. That metric misses the point of social networking, according to a new study from Lotame, a consultancy and technology provider that works in the space.

"There needs to be a new barometer to leverage data where consumers are producing the content," said Andrew Monfried, founder and CEO of Lotame. "Companies are facing obstacles monetizing and targeting social media because they are using traditional metrics which do not readily apply to user-generated content."

According to Monfried, keying metrics of the first impression doesn't make sense on a social network, where the average user generates between 10 and 15 impressions before considering an ad.  

Lotame also found that many advertisers who rely on traditional tactics miss opportunities with users who visit the same social network several times per day. According to the report, users are more likely to engage with ads during their second and third visits of the day.