Almost everyone has heard of Twitter, mainly down to the fact that the traditional media has covered it extensively over the past year. It’s huge, but it’s also something that, as yet, hasn’t developed a way of earning proper money. A hot topic amongst new media commentators is: how will Twitter make its millions? Oh, it will make them, you’d better believe it (Second Life mark 2 this is not); it’s just a matter of how…
One of the reasons Google Adwords was so successful is that the “little guys” can easily create an advert and decide on how much they are willing to pay to appear for a keyword – it’s accessible even if your budget is £10 a day. Today at the ‘NMA Live: How brands should use Twitter’ conference, a smart and funny marketer called Ciaran referenced the Google Adwords model when someone asked him for his thoughts on how Twitter will monetise its service. Ciaran’s assertion was that Twitter might look to the Google Adwords model of making itself accessible for small businesses to make some real moulah. One idea he mooted was two sets of trending topics (this is the way Twitter shows what are the most talked about subjects): one ‘sponsored’ and one ‘natural’, similar to the rankings on Google. Not sure about that, but an interesting idea nonetheless…
I wonder if Twitter will start to charge businesses for using Twitter in other ways. Specifically, for including links in your business Tweets, and measuring the amount to be charged by the amount of traffic your site gets already (I am not sure how this would work but I know it’s possible).
However Twitter decides to monetise its service, one thing is for sure: for now, the platform is 100% free, so get involved and reap the rewards that come from promoting your small business on there.
It’s worth adding a note here that whilst it is free to have a Twitter account, it is not free to invest time in Twitter. It sounds obvious, but it’s your time, be that one employee’s or six employees’ time – ten minutes in the morning or one day a week – that costs money.
Besides benefitting from the financial savings to be made potentially by beginning to Twitter now rather than in a year’s time, it also makes sense from a strategic point of view. In these relatively early days it is OK to make a little mistake or two – believe me when I say that even the big brands are still very much on a learning curve. Add to this the fact that the relatively early adopters will be more inclined to grow their followers organically rather than in a blind panic to look ‘big’ (classic mistake), and it makes even more sense to be an early bird on Twitter.