That is a question many Brand and Marketing Managers are now asking themselves. The rising social networking phenomenon has seen the site now attracting over 11 million registered users, which represents a stunning 1,382 percent growth since last year.

A recent survey by O2 revealed that more than 6,000 small UK businesses are using Twitter every day to save on marketing costs and to keep in touch with customers.

The survey by the phone operator found 17% of small businesses are using the micro-blogging site with more than one quarter (28%) signing up in the past four weeks.

Nearly two-thirds (62%) cited cost cutting as one of the greatest benefits and 16% said they have saved up to £5,000 in marketing and recruitment costs since using the service.

Whether this investment (in time rather than cash) bears a commensurate return is yet to be established, in comparison with the total Internet user base, consisting of 1.4 billion users and compared to Facebook’s 175 million users, Twitter’s user numbers are still minuscule. The most widely used data application on the planet is SMS text messaging: 3 billion people actively use it - so it is maybe not yet time to ditch these routes to customers

However, It’s an instant, two-way communication tool between the brand and new and existing customers. It’s already being used by brands and retailers in the UK and even more so in the US. Starbucks has jumped straight in, Pepsi, Kodak, Virgin, TK Maxx are among many sharing promotions, deals, new products and Twittering their internal goings on including day-to-day office musings and activities to give us the friendly sides of their corporate identities.

This will, of course, increase the likelihood that Twitter may soon begin to invite corporate users of the site to share their new revenue with them by charging for use. But while it’s free to use - even if time renders it a fad - it’s marketing possibilities could be vast and inevitably worth a look to determine how it can benefit your brand.