With few strong analytics reports available for Facebook and Twitter, the advertising world has been waiting for the development of a system for tracking data pertaining to specific conversations on both platforms. Buddy Media, helmed by former journalist Michael Lazerow, is the young company that did it.

Buddy Media is well known, after just two years in business, for developing Facebook applications for brands. As for the tools, writes WebNewser’s David Cohen: “Buddy Media’s platform lets users create, manage and track Facebook pages and add apps such as polls, YouTube videos, coupons, slideshows and virtual gifts, according to TechCrunch. It also allows agencies to implement Facebook Connect on brands’ sites.”

And for Twitter, the system allows for measurement and identification of trending topics specific to a brand, its competitors and conversations similar to those about the brand. It allows users to monitor volume and frequency of click-through rates and monitor and analyze the sentiment of Tweets about a particular brand versus its competition. Users can also create Twitter profiles and schedule tweets in advance &#151 a feature we think it pretty smart, despite the fact that it fudges what is supposed to be an organic experience.

We asked Lazerow about the service, via email.

AgencySpy: how much does it cost?
Lazerow: “We license based on a per managed brand basis. We don’t release pricing but it’s in the price point of other web enabling platforms. It’s very affordable and agencies can generate immediate ROI of 80%+.”

AgencySpy: is this the tool that has brought Buddy Media into the retainer business?
Lazerow: “Nope. We’re in the technology licensing business. We don’t do retainers!”

AgencySpy: which agencies are using it?
Lazerow: “We have announced 4 charter partners, all of which are actively using the platform. These include: Converseon, Publicis’ Vivaki, which combines the digital assets of Digitas, Razorfish, Starcom MediaVest Group, ZenithOptimedia and Denuo; and MDC Partners, whose agencies include Crispin, Porter + Bogusky, and Kirschenbaum, Bond, Senecal & Partners.”

More: “Is Twitter More Social Media or Search?”