Tomorrow morning marks a key milestone in the social media era: Twitter’s initial public offering.
Along with the continued financial growth of Facebook (FB) and LinkedIn (LNKD) as public companies, Twitter is proving that social media is here to stay. Not just reserved for young people, social networks today span generations and cultures and have established themselves as essential to how companies do business.
Today, over 230 million people around the world use Twitter. That’s up 39% from a year ago, and it’s a figure that grows every day. While user growth is good, it’s not the only barometer for whether a social network will be successful.
Here are three reasons we believe Twitter will succeed:
From day one, Twitter was created as a mobile platform, so it has naturally proven to be a great mobile experience both for users and advertisers. As the first mobile-based social network, Twitter has always been used by people on mobile devices to engage with others. Right now, over 75% of users actively access the network from mobile, and as consumers spend more and more time on their phones, businesses across industries are adapting to capture some of this mindshare.
In the early days, Twitter users had to find special apps or workarounds to share images and video on the network. As cameras became standard on smartphones, however, Twitter identified the importance of sharing visual elements with tweets. Twitter has done a great job enriching the platform with many types of multimedia, and its latest update brought images directly to the feed, proving the company’s commitment to visual content. Vine, which launched a completely unique new way to edit and share videos, is another great example of this market leadership.
While Twitter (231.7 million users) isn’t as big as Facebook (>1 billion users), it is easily the largest public social network. In fact, it is precisely this public-by-default characteristic that has made it such a powerful force across many areas, from breaking news to real-time interaction with TV. In the business world, Twitter will continue to be a great way for brands to expand their multichannel strategy because it integrates so well with online and offline campaigns.
The Super Bowl and the Olympics are just two examples of how Twitter has become so integral to how people and businesses engage with events. Multichannel interaction with the customer means brands can take something as simple as an advertised tweet and tie it into campaigns across digital, TV, print, and other traditional channels.
We’ve just scratched the surface of how both consumers and businesses will be able use Twitter.
At Hearsay Social, we are really excited for our close partners at Twitter (@JohnP – It’s great to have you as a partner in the the financial services world!). We see the network as a huge opportunity for financial services and insurance firms to connect with their customers and prospects, and we look forward to future innovation.