Posts Tagged ‘twitter’

April 13th, 2010

What is Social Media?

We’re often asked to define social media either directly (what is social media?) or indirectly (we need a social media strategy), so I thought I’d provide a list of the key platforms that make up what we call “social media”:

  1. Article directories that publish original user generated content (UGC).
  2. Blogs that feature original content and allow comment from users.
  3. Blog aggregators like Technorati that allow members to bookmark, tag, syndicate and recommend blog content to other people.
  4. File sharing sites with community and comment functions like YouTube and Flickr.
  5. Forums that allow users to post within a special interest community such as Crackberry.com for Blackberry users.
  6. Microblogging sites like Twitter and all associated sites like Tweetdeck that carry and syndicate content to their users.
  7. Review sites for products and services (like Travelocity) that carry user generated content (UGC) and reviews.
  8. Social bookmarking sites like Delicious and Digg that allow tagging and tag sharing so that other people can explore the same tags.
  9. Social networking sites like Facebook and LinkedIn that allow communities to manifest themselves online.
  10. Wikis - online encyclopedias that can be edited by anyone - like Wikipedia

It’s worth noting that there are two critical components in social media, the 2 C’s: Content and Community. These are the two sides of the social media coin.

On the one side, content lies at the very heart of social media. Content populates all the components above, all of which would cease to exist without content. In the case of social media, content is often user generated (User Generated Content or UGC) as opposed to being generated by a professional publishing house.  If you are thinking social media in any way, you must be thinking content; without content there is no social media.

Community is the other aspect of social media.  Communities gather around people of similar types (alumni, workplace, school, product users etc) or common interests (stamp collecting, trainspotting, FX trading) in the same way that “birds of a feather flock together” in many other aspects of social sciences. Communities are also important because they create a demand for content as members seek opinions or seek to make their own views known. Without communities there would be less of the subtle “friction” that causes many types of content to be generated and consumed.

February 23rd, 2010

See how business can use Twitter

Whilst most of the social media world is theorising about “social media strategy”, it can pay to follow those who lead by example. Here are three links to three companies who are using Twitter to sell product to a defined community of customer/followers:

  1. Dell Outlet - see one of their twitter pages here - Dell have Stephanie@Dell offering customer support on their page
  2. Misco  - see their twitter page here - Misco have added a deal of the day to their background.
  3. Viking Direct - see their twitter page here

I think these are great uses of Twitter. Each company can add or remove offers by the second. On the basis that “birds of a feather flock together” it’s highly likely that these offers will be re-tweeted to friends of colleagues of each first generation follower.  Links can be tracked,  sales can be measured, sales ROI can be calculated. On that topic if you go to the Dell Outlet page you can see that it has 1.5m followers which makes it the 89th most popular page globally (twitterholic). That gives Dell more followers than Paris Hilton, Stephen Fry or Sarah Brown.

To cut a long story short the Dell Outlet page offers these things: Utility, Relevance, Value.  If you can’t score more than 7/10 on each of these three measures, and you’re not a celebrity, then you will struggle to make twitter work for your business.

December 11th, 2009

Visualise your Twitter Universe

twitter-friends-example3

Came across this - great fun. It delivers a visualisation of your twitter universe. Assuming you are tweeting of course.

Visualise your twitter universe here


May 3rd, 2009

60% of Twitter users duck out after one month: Why?

So Nielsen are reporting that around 60% of Twitter users effectively duck out after one month. To some this may come as a surprise, to others it is a logical function of the real usefulness, or utility, of Twitter. The higher a site’s utility, the higher its retention and vice versa. Let’s explore this in a bit more detail and in relation to Twitter.

One of the main drivers of social media growth is social exploration. People want know what all the buzz is about. Their motivation for this is simple; they don’t want to appear uninformed. The best way to get informed fast is to join in. What happens next depends very much on what kind of experience these new users have in the first month. Two factors operate here: First, if new users find tweeters with whom they have common interest and therefore potentially strong affiliations, they may follow that person and move into further usage. Secondly,  if they find individuals, particularly lost contacts, then they are likely to use Twitter to reconnect with them, but once the initial reconnection has been enabled there is no guarantee that it will remain the main platform of communication. This is likely to revert to the more traditional face to face meeting, phone calls or email.

But I think there are three further issues that dictate how Twitter is used. First is the actual utility of twittering. Second is managing the information overload that can suddenly come back to the enthusiastic follower. Third is the platform being used.  Let’s look at each one:

1. Utility: Utility is critical factor in the destinty of any web site because utility drives retention. So how strong is Twitter’s utility?  I see four areas of utility: First, utility is high if you are a member of a close knit community needing moment by moment short byte communication - like school kids or students. Second, if you’re naturally news-hungry and want a mental stimulus every couple of seconds, then Twitter can deliver it. Third, if you want to build and maintain a fan base, or get closer to it (from a technologically safe distance) by sharing what you are up to, then utility is high. And Fourth, you can announce yourself to potential new followers by announcing to them that you’re following them.  BIMA used this technique to attract my attention yesterday. All these areas provide  reasonable utility. But that may be about it.  If you’re not in one of these four groups, Twitter’s utility to you may be limited.

2. Information overload: You can fall into information overload fast with Twitter. If you chose to follow 100 Tweeters who are posting 5 tweets a day you are in line for 500 tweets a day. Even if you choose to follow just 10 tweeters posting 5 times a day, you’re still going to receive 50 tweets a day. All this becomes unmanageable very quickly and as it becomes unmanageable, its utility falls even further. The only way to counter this is to be very selective about who you follow.

3. Platform:  This is the big one that potentially changes everything. Mobile platforms make tweeting fast and easy. When you stand in a queue or on a bus, tube etc, have you noticed people looking at their phones seemingly waiting hoping and checking for social news.   These people need texts and tweets. And who are they? Almost invariably they are the under 24’s and at a push the under 35’s.  Young, information hungry communities wanting to share new information fast.  It all fits with meeting in bars, being late, missing the bus, running into a old friend. And all this activity doesn’t happen in front of a PC, it happens next to a mobile phone.

It’s been widely reported that the fastest growing social media user group is the over 35’s.  That growth may, in very broad terms, be explained by parents and managers simply wanting to find out what their kids and employees are up to. A kind delayed product diffusion. The Social Media ripple effect.

Of course there are those groups who will continue to find Twitter an interesting way to announce news. Within seconds of publishing this post it will have been short-linked by Twitterfeed and tweeted to all Teqtonic followers. That’s a utility that works for me.

PS. Nielsen’s article goes on to make interesting points around the relationship between retention rates and reach and how these factors are affecting Twitter compared to other social media networks. You can see the full Nielsen article here.

February 17th, 2009

Should twitter charge?

Twitter is talk of the town in UK marketing circles this week. But the discussion isn’t about the fun of using twitter or the reasons why people do or don’t use it, or when they use it, or how often or who with. No, it’s about whether or not twitter should charge brands for using its services.

You can’t blame twitter for trying,  they have bills to pay just like the rest of us - and like the rest of social media.  Despite their incredible growth, social media brands are caught in digital Catch-22;   they can get right into the highly prized personal space of individual consumers. But unfortunately, these high levels of personal involvement come at a price;  when consumers are facebook-ing, twitter-ing, myspace-ing or bebo-ing,  they are so highly involved in generating their own content that they are not very interested in advertise-ing. The display model is virtually impossible to crack in these environments - especially on a click/sales performance basis.

So if the social media channels can’t make display pay what other areas of potential revenue can they look at? There are two obvious alternatives. Data and subscriptions.

Some big and successful businesses have been built selling customer data and using data to generate customer sales leads. Social media sites can gather all sorts of data but there’s a hitch here.   Both formal privacy regulations and “online morals” (e.g. Facebook’s Beacon rebellion) make monetizing social media member data a difficult area.

The other route is subscription revenue, but asking for a subscription fee risks losing members and slowing growth. That’s a risk social media can’t take. I’d bet that every venture capital presentation they make starts with a great looking exponential growth chart because, for the time being at least,  growth is keeping the financiers happy.

So without revenue from traditional display, data sales or subscription revenues, how can social media companies make a living?  Brands I’m afraid are an obvious target for two reasons. First, they’ve got money and second, charging brands does not affect the growth of the user base.

All the pioneers of social media have got to do now is find a way of creating a trade between their social assets (us) and brands’ desire for close engagement. Social media stakeholders are going to be very focussed on answering this question because if they can’t, some aspects of social media will quickly move from being the talk of the town to being a thing of the past.