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Companies see value of market research, acquire analytics firms

SEPTEMBER 6, 2011 – Perhaps seeing the value that market research and analytics can play in the effort to expand a brand’s market reach, big companies are either acquiring or buying back businesses that can analyze data and consumer behavior.

Twitter is seeing the value of offering its users insight into how “tweets translate into website visits,” and has acquired analytics firm BackType, Ad Week reports. Among the startup’s products is a service called BackTweet, and the news source says Twitter will be working those services into its existing suite.

Last year, the social media giant started testing an analytics product of its own in order to give users more data, including which tweets spurred readers to stop following a brand, who retweeted its postings and what tweet information was most successful, Mashable reported.

Social media websites can offer marketers a window in the conversation surrounding their brands and assist in managing their public image, CMS Wire notes.

“Brand management facilitates your search for the right marketing platform by allowing you to perform a little reconnaissance,” the news outlet says.