November 23, 2010
Twitter’s new analytics product launches at year's end and could be very helpful to luxury brands hoping to understand how to finetune and leverage their activity on the social media Web site.
Twitter Analytics will make a variety of information available to users regarding their accounts. It will show which tweets are successful, who the most influential users are and which tweets caused other users to unfollow.
“This is a fantastic opportunity for luxury brands to benefit from ethnographic research and pick up on new trends,” said Jeremiah Owyang, industry analyst at Altimeter Group, San Mateo, CA. “There are a couple of ways to look at it.
“One is to look at trending topics and using analytics to see who started those topics and what else they are discussing,” he said. “The second thing is for luxury brands to use its analytics for its own marketing.”
Twitter is currently testing the product on a select group of users.
The analytics will show users their tweets in six-hour time periods. It will display mentions, follows and unfollows and will allow users to search through their tweets by “best,” “good” and “all.”
An example of the charted data, courtesy of Mashable
“What’s interesting about Twitter is that the content isn’t just related to luxury products,” Mr. Owyang said. “You can find people who have mentioned your products and find what else they are talking about in their life.
“This is a lot of information,” he said.
Luxury brands can use the analytics to tap into consumers’ other interests. For example, if Twitter users are tweeting about the latest high-end products, brands can look at what else they have talked about and market to consumers’ lifestyles.
Twitter analytics will be free to users, unlike other third-party vendors that provide the same service with a price tag attached.
“Twitter is trying to push out its sponsored advertising products, such as sponsored trends, sponsored topics and sponsored tweets,” Mr. Owyang said.
“This is not unlike what Google has done and what Facebook has done for marketers that want to display advertisings,” he said.