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Does using Google Campaign Tracking URLs affect SEO when link-building?
Usually Google Campaign Tracking URL, looks like this: http://www.seoppcsmm.com/?utm_source=google&utm_medium=ppc&utm_term=seo&utm_content=ads&utm_campaign=campaignx This takes you to the same URL http://www.seoppcsmm.com/. But, it looks like a bit different dynamic URL. When you create a link that looks different (except # extensions) than the original URL, then Google will treat that URL in different manner. Since they are treated as different URL, Google will also index the duplicate version of the page, if you don't block the Google bot to index the page.
It will obviously influence SEO, since Google is giving differential treatment. First of all, the URL will create duplicate content problem. Again, it will not point to same URL that you want link for. However, you can get SEO influence if you follow the suggestions below:
Use a custom landing page for your ads in separate folder on the site and serve contents that are blocked by Robots.txt and use Google tracking URL versions on those pages (however, I personally don't like blocking contents with Robots.txt, rather the "noinindex,follow" meta flows more link juice that just blocking it
From Google Webmaster go to URL Parameter and mention the Parameter that always stays with with Google Campaign Tracking URLs (e.g. utm_source) and choose the option "No: Does not affect the page content"
Make sure the robots meta tag on the page mentions "noinindex,follow". This will disallow pages to be index, but still pass link juice to other relevant pages
Make sure that the content of the page links to the original page. This will increase the authority of the original page
Since the page contains duplicate contents, make sure the page contains canonical meta (before <head> section) (e.g. <link rel="canonical" href="http://www.seoppcsmm.com/" />). I usually prefer the trailing slashed URL as main original URL. More info on Canonical Meta on http://googlewebmastercentral.blogspot.com/2009/02/specify-your-canonical.html
Once you have done all of these for your site/pages, then you might be able to get the most link-juice out of Google Campaign Tracking URLs.