The value of social media to business and Internet marketing is often hard to determine. But Facebook would like to help. Yesterday at OMMA Social, Facebook’s direct response solutions manager Brian Boland announced a conversion tracker tool from the most popular social network. Designed to complement Facebook Connect, the tool is already in testing.

The conversion tracking tool being tested by a “handful” of Facebook advertisers doesn’t have a launch date, but Boland believes it should become available sometime before the end of March. A JavaScript snippet will go into the Web page. Marketers will have an option to set up multiple tags to track numerous conversions.

Reports will provide a list of tracked conversions and the impressions and the clicks that led to each. The feature will help marketers build out messages as the campaign expands into a variety of pieces.

Like Facebook Connect, this tool will especially help with brands’ fans. In fact, Boland says, it will help determine fans’ acquisition cost and value to brands.

You can see Boland’s full presentation here:

What do you think? Will this mark a turn around in calculation social media ROI?