In just 3 years Twitter has become a phenomenon and is at the fore front of changing how we communicate. It is real time, and is enjoying the fastest ever growth for a website. It has increased staff to 50. This year has seen it overcome the expansion in technology that is needed to grow so rapidly
Biz Stone, its co founder comes from a series of social media businesses such as Blogger. He believes that Twitter has only touched about a minute percentage of its potential. He reportedly refused a bid from Facebook for around $500m.
Why then is he so confident that Twitter can turn growth into a long term business? It seems that its ability to influence large groups of people is the key. Take the recent impact on the Iranian elections, its use communicating the earthquake in California in 08.
After a year of rapid growth he can now plan to build the business long term. The use of Twitter by corporate businesses is the key to monetising the business. Dell and JetBlue have had a great deal of success in using the platform. Corporate accounts are interested in effective communication. The information that Twitter holds on its users and the statistical insight is the key and something that businesses will pay for. From here understanding users needs more and more will give Twitter the opportunity to build a long term business.
Marketing lessons. Business growth, monetising and branding