With Twitter almost ready to launch its analytics service by the end of the year, the market is already abuzz about the impact it will have on the Social Media Marketing scene.

The social networking giant recently announced that it has roped in a select group of users to carry out the testing of the product. It is believed that as of now, Twitter will be keeping this product, free of cost for its 197 million users.

With Social Media Marketing gaining a substantial space in the overall marketing mix, such a tool, which can give insights to a brand’s online efforts will be of great benefit. Not only will it help in deriving the results of a campaign, it will also, and more importantly, help in realigning the SMM campaign.

Tracking the Campaign

Since its launch, Twitter has seen almost every brand using it for promotion activity. Simple #tag contests and customer support have become major online activities. Brands like Starbucks, Dell Computers and Ford motors have thousands of followers on line. Closer home, brands like MTV, NDTV and Kingfisher have successfully engaged thousands of people in the most entertaining manner.

But till now, all the brands were either clueless about where there campaign or SMM efforts were heading or they were paying huge sum of money for getting insights through third party vendors. With the launch of Twitter Analytics, that too, free of cost that is all set to change.

Now, the brands will know exactly which of their tweets has helped them get more followers. Which tweet has caused disgruntle and what topics gets the maximum retweets. Not only that, with analytics available, online reputation management also becomes easier.

At a glance

With the new tool, Brands will have data such as 6-hour bar graph to show mentions, follows, unfollows and retweets that the campaign has generated. Also, it allows you to categories and filter tweets into different groups such as “best,” “good” and ”all.”

The Impact

It is surprising that something that can help Brands so much should be offered at no cost. The rationale behind this seems to be that businesses are more likely to stick with Twitter if detailed statistics are made available to every user, helping them measure and improve upon the effectiveness of their marketing efforts and justify the effort needed to continually update a Twitter feed.

Also, though tracking social media is big business, the news that Twitter is set to enter the ring with a free product of its own may come as a bad news for third party providers.

It would be worth noting that while brands may not be able to make an exact impact on the sales figure through the tool, it will surely help them in becoming more in sync with their audience.