Social media has paved way for marketers to engage, interact and converse with their customers in a way that is more human. Twitter, in fact, is perhaps the best platform to develop a relationship with your target market!

Let’s Converse

A two-way conversation on a social media platform like Twitter is a dialogue where brands listen and respond to the wants and needs of their audience. It’s not about selling but about building your brand equity. Answer questions, give useful information and share ideas even if they aren’t yours. Educate, inform and delight your audience and soon they will consider you a valuable member of their community. They will look to you for information, advice and an opinion and will repay you by learning more about your business (and buying from you).

Mention People

This is the best way to start a conversation. Mention a few people in your tweets to start a conversation. You can discuss a trending topic, ask a question, or just compliment them on their work! Once they reply and the thread starts, other people may also join in the conversation!

Listen and Converse

Listen and respond when you have a valuable input. Using Twitter’s advanced search option, you can listen to what other people are talking about and their conversations and jump in whenever you can! Use the neat filters to find the most relevant content.

Another way you can find noise about your relevant industry is by creating lists. A Twitter list allows you to separate the Twitter accounts you follow into groups. You can create lists of your competitors, influencers, professional organizations as well as current and prospective customers. This will help you to “listen” more effectively and gain valuable insights. Maintaining lists according to motives will also help you eliminate the clutter and make your Twitter-time more productive.

Twitter Chats

Twitter chats are open, moderated conversations that use a relevant hashtag for a certain topic. For example, #blogchat, #paidmedia, #GST, etc. If you type a hashtag in the search bar, you can see the tweets of anyone using that hashtag. Having your own unique hashtag that other people can use also has many benefits such as increasing your brand equity, helping to crowdsource content, creating a community using live tweeting, etc.

Reliance used a generic (and probably trending) topic to increase visibility whereas Flipkart is trying to build equity using a hashtag unique to their brand 

Use Buttons

Replying, Retweeting and Liking are also ways of engaging with your audience and letting them know of your presence. The original tweeter may also take notice of your presence and promote you later.

Almost every brand is handling customer service on Twitter these days.

Share Interesting & Useful Content

Lastly, another way to spark conversation is by tweeting content that other people would be interested in. They can reply, retweet and like your tweet and even become your follower!

Strategy Evolved

The business strategy of Twitter has evolved significantly over time, but the core focus has always been on facilitating communication, engagement, and real-time information sharing. Here’s a breakdown of Twitter’s business strategy:

1. Platform for Real-Time News and Communication

• Core Offering: Twitter positions itself as the go-to platform for real-time updates, breaking news, and communication. It’s a space for public conversations, where users can share their thoughts, news, and trends instantly.
• Global Conversations: The platform has made a strategic push to ensure it serves as the public square for discourse, with a focus on news, politics, entertainment, and social issues.

2. User Engagement and Content Creation

• User-Generated Content: Twitter thrives on user-generated content. Its business strategy is deeply rooted in ensuring that users can easily create and consume content, whether through text, photos, videos, or links.
• Engagement Metrics: Twitter tracks engagement, retweets, likes, and replies to measure user interaction. They incentivize high-quality content through features like “Trending Topics” to encourage conversation.

3. Monetization Strategy

• Advertising: Advertising is the primary source of Twitter’s revenue. The company allows businesses to advertise their products and services through promoted tweets, trends, and accounts. Twitter provides advanced targeting based on user data and engagement behavior.
• Data Licensing: Twitter licenses its data to third parties, such as companies and institutions, that use its public data for analytics, research, and insights.
• Subscription Model: With the launch of Twitter Blue, a subscription service, Twitter introduced a way to monetize beyond ads, offering premium features such as an Undo Tweet option, and early access to new features.

4. Expanding Features and Services

• Spaces: Twitter Spaces, a live audio feature, competes with platforms like Clubhouse and provides a way for users to host live discussions. This diversification helps Twitter retain users and build stronger community engagement.
• Twitter Fleets: Twitter introduced Fleets, a disappearing story feature, to stay relevant in the competitive landscape against Instagram and Snapchat.
• Monetization for Creators: Twitter has introduced features like Super Follows, where creators can earn money by offering exclusive content to their followers.

5. International Expansion and Market Growth

• Global User Base: While Twitter originated in the U.S., the company has focused on growing its user base internationally, particularly in emerging markets like India, Latin America, and parts of Asia.
• Localization: Twitter tailors its platform to local markets by supporting multiple languages and ensuring that regional topics are highlighted.

6. Focus on Safety, Security, and Content Moderation

• Combatting Misinformation: Twitter’s strategy includes efforts to curb misinformation, fake news, and harmful content through fact-checking, label systems, and stricter content moderation policies.
• Transparency in Policies: Twitter has implemented and continues to refine transparency reports on actions taken against harmful content, emphasizing its commitment to ethical standards.

7. Technology and Data Utilization

• AI and Machine Learning: Twitter utilizes artificial intelligence to personalize user experiences, improve the quality of content recommendations, and optimize ads.
• Data Analytics: Twitter’s analytics tools allow users and brands to track their engagement, enabling businesses to refine their content and strategies for better reach.

8. Strategic Acquisitions and Partnerships

• Acquisitions: Over the years, Twitter has acquired several companies to enhance its capabilities, such as MoPub (mobile advertising), Periscope (live streaming), and Gnip (social data analytics).
• Partnerships: Twitter has formed partnerships with news outlets, sports organizations, and entertainment companies to create exclusive content and offer tailored experiences to users.

9. Focus on Real-Time Data and Analytics

• Real-Time Data Platform: Twitter continues to be a leading platform for real-time analytics, which provides businesses with the opportunity to tap into the social media conversation and understand market sentiments. It is often the first to report breaking news or public events.

10. Social Impact Strategy

• Public Policy and Activism: Twitter has become an essential platform for social movements and political activism. The company has taken positions on several social and political issues, promoting freedom of speech while attempting to maintain ethical guidelines for content.

Challenges and Opportunities:

• Challenges: Twitter faces significant challenges in terms of user growth, particularly in mature markets, as well as criticism over its content moderation policies. It also faces stiff competition from other social platforms like Facebook, Instagram, and TikTok.
• Opportunities: Twitter has the opportunity to continue to innovate with new features, expand its monetization strategy, and further increase user engagement through new formats and partnerships with content creators and businesses.

In summary, Twitter’s business strategy revolves around being a platform for real-time communication, diversifying its revenue sources, expanding globally, and focusing on user engagement and safety. While it faces significant competition, its continuous evolution in terms of features, market reach, and monetization models positions it to maintain a key role in the social media landscape.