May 31, 2009

Twitter means business

twitter_introReally interesting and in-depth (i.e. long) article in Time magazine talking about how Twitter is going to change American business. I guess only American business needs changing. Ten topics are explained in detail showing how Twitter can help any company increase sales or connect better with customers. These topics include:

Hyper-Local Marketing – “Since Twitter is still mostly a person-to-person service and not a business-to-business service, it is likely that the Twitter relationships will be with the owners of small shops. With access to customers’ Twitter addresses, these small-shop owners can send them news about special offerings, sales, new merchandise, store hours and events.”

Making Old-World Advertising Work – “Marketers using outdoor ads will have to give Twitter users an incentive to report that they have seen a billboard. A Twitter user who sees an ad for a Toyota (TM) Corolla could be encouraged to send a tweet to the local dealer in exchange for a pint of oil or a T shirt.”

Turning Wall Street on Its Head – “Twitter will become a huge platform for discussing stocks and other financial instruments and will probably replace message boards like the ones at Yahoo! Finance as the preferred method for discussing individual public companies. ”

Making Blogs Count – “Twitter will not only democratize content but also democratize the advertising that goes with content. Each tweet about a piece of content can be attached to a short phrase or sentence from a sponsoring marketer. ”

Further topics covered are New Ways to Get Consumer Data, Helping TV and Print, Expanding the Power of Micropayments, Changing Telecommunications, A New Way for the Government to Reach You & Charity Begins Online.

Personally I don’t think Twitter will keep the monopoly on micro blogging. Consider web mail. At first you had Hotmail (quickly bought out by Microsoft) but before long anyone could set up a webmail service. Blogging tools are also generic. Twitter will have to work hard to maintain their position as the preferred micro blogging service.

Check out the article here if you have a good attention span.