The way I see it is that Twitter serves two purposes.
- A method of instant communication of live information between people
- A search engine as a marketing tool for businesses
As long as #1 works, it is monetizable via #2.
#1 is slowly proving to work. The communication tool is growing because of the Robert Cialdini school concept of “Social Proof”. So many people are using it now that you feel if you don’t, you’re missing on something. This is what got me on board and now I am a dedicated user. But, I remain a dedicated user because I know I can find more real-time information on there than any other place. If this continues, and it becomes a mainstream communication and news tool, which I think is possible, #1 will succeed.
Twitter is the easiest, safest, quickest way to communicate about real-time topics with a complete stranger regarding simple, basic information. Much easier than a chat board or Yahoo Answers. It provides the information that Google and Newspapers cannot provide in the first 5 minutes, 30 minutes, 1 hour, 2 hours, 6 hours, 12 hours, even few days, of a breaking news or other relevant immediate information. It is on-demand news that you can ask questions to and get feedback from. You want to learn about where swine flu is spreading in real-time? There is no better tool than Twitter.
#2 is already working. Small businesses are able to find customers faster than ever with this tool. I have heard arguments for Twitter monetization via keyword relevant ads on the side of users pages or search results pages. Why would any business advertise on the side of a page and hope the person clicks on their link? They can just use their Twitter account to respond directly to the consumer that is talking about their product. That search value is worth a lot to businesses. We use it every day to find new customers for Lahaina.com.
In reality, Google probably needs to buy Twitter. Twitter needs better search algorithms and speed, faster and more stable systems, and greater innovation with tools. Either way, the eventual revenue will come from businesses (the same way Google’s ad revenue comes from businesses), it just may not be in the form of ads. It could be charging for a better search tool, or for other forms of marketing power, but the business demand is now there, at least for the few businesses who realize it.
(Note: If you are interested in learning how to take advantage of Twitter as a marketing tool for your small business, contact us at Neptune Local. We specialize in this sort of Social Media marketing for small businesses)
No related posts.
Great post – I completely agree! One of the most exciting things is that Twitter is still in its infancy. I can’t wait to see how much it grows over the next few years.
Very good point. If this company can sustain the funding needed to run it and keep their systems stable, the five year ride will be much more interesting than the next 6-12 mnoths.