Twitter’s co-founder and CEO Jack Dorsey stepped down on November 29th and was replaced by the platform’s current Chief Technology Officer, Parag Agrawal. While some might have been shocked by the official announcement, many brand marketers have been waiting for the moment that would make Twitter marketing relevant to their strategies again and ultimately help their bottom lines.
As many social platforms continue to offer new features and experiences, some would say that Twitter’s recent updates – like audio chat and notes – have been somewhat underwhelming. In addition to lackluster updates, Twitter has also fallen behind many of their social media rivals who have managed to increase their stock price while consistently adding innovative, new products to enhance the user experience and continue to attract new people to their platforms.
So, how will Twitter proactively move the business forward and how might this impact Twitter marketing as we know it? Luckily, Agrawal already has a few cutting-edge updates in the works from his previous role as CTO.
By identifying Twitter’s greatest strength – functioning as a hub for real conversation around specific points of interest – they are developing a feature that will help creators monetize their content while fostering continuous conversations between passionate users. With members-only access via a tiered subscription model, content creators can earn monthly revenue via subscriber-only content. Influencers and users alike can now engage in an elevated level of conversation, allowing for more authentic interaction with a truly active and engaged audience.
Super Follows could be a great way to tap into extremely active and niche communities for a more targeted influencer approach.
Twitter launched its Tips feature in September and has already made updates to the way users can receive monetary contributions via CashApp, Venmo and Patreon. Most recently, Twitter added Bitcoin as another payment option due to the rise in popularity of cryptocurrency. This update gives users access to multiple payment pathways, encouraging a more seamless way to send tips across the world. At the same time, it allows people to participate in the economy in a way they might not have had access to before.
With Twitter being the first major social network to encourage cryptocurrency payment methods (with intent to support authentications for NFTs in the future), the social platform might be able to sway public perception and improve their relevance.
In today’s ever-changing social landscape, Twitter has a chance to evolve by injecting life back into its platform. By giving users more control over their experience, Twitter could become home to communities of highly targeted, niche users who are extremely passionate and active on the platform. Could this be the new place for influencers and creators who want to exchange secrets and drive honest, open dialogue? I guess we will have to see.
Wondering how you can use Twitter marketing to reach your business goals? Get in touch with our team of social media marketing experts at firstname.lastname@example.org.
Written By: Kristyn Mangiamele, Director, Account & Strategy