Although it has experienced a slight downfall over the years, Twitter can be an extremely valuable social network for consumers. The network’s ability to provide trending news and allow consumers to understand important things going on all over the world makes it extremely unique versus its competitors, i.e. Facebook, Instagram, and Tumblr. In fact, Twitter acts as a principal news source for many users. Stephanie Schwab (2013) says that tweets about Hurricane Sandy were the lifeline for many, rather than turning on local stations and traditional news sources. Schwab also mentions how aside from it being a major news source, Twitter, like its’ competitors, is all about engagement and connections. For example, hashtags allow users to look at content specifically for that narrowed-down topic. To break this down in a simpler way, while Twitter maintains a huge, unique audience diversity, the network still makes it simple to pinpoint your desired content and audience. However, regardless of its great accessibility to news and connections, Twitter has found itself at a plateau in growth over the years. To come out of this plateau, the network needs to be strategically searching for a new direction. Michelle Castillo (2017) writes that Twitter’s goal is to be profitable (for the first time) by next quarter. She mentions that the company plans on achieving this by being more cost-efficient, looking at new ways to get advertisers involved, and diversifying its revenue stream. One strategic direction that could potentially benefit the company greatly is to stay content-focused, adding growth to things like live-streaming athletics and other types of events and programs. While this could definitely be less cost-effective, it could also further diversify and grow the company’s audience. This alone, between the immense amount of sports fans as well as music fans from all types of genres, could expand the number of users on this network by millions. Aside from this, it would also help in expanding the consumer influence of certain TV networks and advertisers. When looking at the big picture, streaming these popular live TV events would fit perfectly into their mold. Michelle Castillo (2017) also clarifies this when she states that the company’s material is concentrated on “what’s happening right now.” As people in this day and age are so busy and consistently on the move, I believe this would be a great way for Twitter to grow and develop into a very successful platform.
Schwab, S. (2013, January 23). “What Makes Twitter So Special?” Retrieved from https://crackerjackmarketing.com/blog/whats-special-twitter/
Castillo, M. (2017, October 26). Here’s how Twitter plans to become profitable for the first time. Retrieved from https://www.cnbc.com/2017/10/26/how-twitter-plans-to-become-profitable-for-the-first-time.html.