The document discusses 5 challenges of measuring social media: 1) Measuring what matters to the business, not just outputs, 2) Understanding the accuracy limitations of social media tools, 3) Tracking real trends, not just organic growth, 4) Going beyond buzz to understand motivations and intentions, and 5) Blending social media data with other data sources. It emphasizes that while tools are useful, human insight is still needed to derive meaningful conclusions from social media measurement.