If your coming back for round 2 of the blog I applaud you. Hope you enjoyed round 1, but round 2 is about to blow the top off that one. Topic for blog 2, Twitter. The GOAT of social media. In my opinion Twitter is the best, most useful, undisputed champ of the social media game. But, then again, I’m usually wrong….
Twitter was created in March 2006 by Jack Dorsey , Evan Williams, Biz Stone, and Noah Class, launching worldwide in July 2006. The service rapidly gained popularity around the world due to its ease of use and creative output. Twitter quickly reached 100 million users posting upwards of 340 million tweets a day by 2012. In 2013, it was one of the ten most visited website in the world, and as of March 2016 it had over 310 million monthly active users.
What Twitter Has Done Right
Twitter has done so much right, leading it to be my favorite form of Social Media on the market right now.
1. Interesting People are on Twitter
Many of us are constrained by the people we already know, are friends and family. Twitter isn’t for these people, Twitter allows us to interact with new and interesting strangers from all walks of life. They can follow you, and listen to your thoughts, and you can follow them, and experience what they have to say.
2. Breaking News
I don’t want to say conventional media is dead, but Twitter is slowly killing them. Twitter has become a proven platform for breaking news to be reported. The ease of sending a tweet, has allowed for people that have witnessed breaking news, to report it. A few people tweeting at the scene of whatever is happening, and the news begins to spread. Beating traditional media to the scoop time and again.
3. Tracking Trends
Twitter is a great instrument for tracking what’s hot on the streets with its #hashtag feature. If a youtube video is going viral you’ll be able to find it on Twitter. If a celebrity went of the rails and did something crazy, you’ll be able to find it on Twitter. These trends allow for us to keep up to date with what’s constantly happening in this evolving world. Twitter trends also allows for personal customization, so you can see what’s going on in your community or the entire world.
4. Company Contact
Twitter allows for us to connect with our favorite companies in mere moments, instead of waiting on hold for hours. It allows us to have the instant contact that we crave, instead of an automated robot asking us to press 3, for the 34th time in a row. Even though the Twitter customer support may not be as robust as that of an in-store contact, the speed that it offers is incredible….(Well sometimes it’s not always the case)
5. Celebrity Access
Celebrities love Twitter just as much as we do. It gives them a platform to promote their latest venture and a place for them to let the world know what there thinking. It allows us regular people to interact with them easily. Replying to a tweet or direct messaging a celebrity has had some interesting results, but it gives us a way to interact with our idols that we can’t find elsewhere .
What Went Wrong
Twitter is a classic example of a company that got too greedy too fast. A company that has a great platform and a solid user base, can falter when managed poorly and that’s what happened with Twitter. Thus, they fell far short of the sky high expectations that they set for themselves when they announced they were going for an IPO. The company has fallen way short of meeting the growth metrics set by former CEO Dick Costolo when he projected 400 million users by the end of 2013. This one quote has haunted Twitter’s growth ever since.
Costolo tried to flaunt Twitter’s potential growth to investors following the IPO, and the numbers never followed. Recently Twitter, has tried to emphasize it’s revenue and profits over its growth, but investors have remained unfazed at switching their thoughts now that the numbers are more convenient. Costolo kept searching for ever more creative ways to spin a non-existent growth story, which has not sat well with investors. Leading to the stock being down more than 20% since its late 2013 IPO.
(Twitter HQ right now)
My Hot Take
Twitter should have never gone public when it did. Twitter was blinded by the bright lights of Wall Street and the dollar signs that accompany it. Twitter was still growing and evolving when it decided to take on the IPO, and Wall Street has not been kind to them ever since. Twitter is still figuring out what they want to do, and their leadership has let them down time and time again. Twitter has been constantly hiring and firing CEOs, which has led to a sense of discontinuity within the company. Right now former founder Jack Dorsey is leading the company, but how successful can he really be if he is also running a second company in his spare time.
Now, how would I fix Twitter…now that’s the million dollar question. First thing I would do would be to fire Jack Dorsey and bring in a new CEO. How effective can Dorsey be if he is running two companies, one is challenging enough. I would want a CEO to fully invest his time in Twitter, because it sure could use it. Also, I would look to have Twitter keep on investing heavily in video content. I believe video content is the way of the future, and Twitter has made a nice start by acquiring the rights to Thursday Night Football. The ability to stream video from Twitter is crucial to their growth, as millions and millions of users will be attracted to their new content. Those two solutions are small steps in helping turn Twitter around. But, hey anything is possible right.
If your reading all the way to the end, thank you. This week I took a different spin on the blog and analyzed a company that is prevalent in the Social Media space, and one that I am very passionate about. See ya in two weeks, for more fire blogs. Until then..DJ out.