Google Analytics – best known for analyzing past performance – just launched a new set of real-time reports that show what’s happening on your site as it happens.

Google analytics is a free service offered by Google that generates detailed statistics about visitors to your website. It can track visitors from all referrers, including search engines, advertising, social networks, and more.

The new Real Time reports will be helpful to measure the immediate impact of social media. For example, if you share a blog post on Twitter, tag the links you shared and you’ll be able to see how much traffic each channel is driving to your blog as it happens.

Additionally these reports will come in handy when trying to determine the effectiveness of an ad campaign since the service also integrates with AdWords.

Google also announced recently that it will unveil the new version of Google Analytics featuring a redesigned user interface. This update is expected to take place next week and will simplify navigation into three tabs: Home, Standard Reporting, and Custom Reporting – for quicker access to important data.

Real Time reports will be available to all users under the Dashboard tab, soon to be the Home tab. This feature is expected to roll out over the next two weeks, but you can sign up for the beta to get immediate access.

[Via: Search Engine Land, Image credit: Artem Popov]