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Stop trying to monetise Twitter. You’re killing the golden goose!

leela cosgrove icon Stop trying to monetise Twitter. You’re killing the golden goose!Tired of hearing about Web 2.0? Sick of being told that you need to use social networking as part of your comprehensive media marketing strategy? Beginning to suspect that this whole social networking thing was invented by IT geeks post the dot-com bust in a bid to re-live the glory days?

Celebrities in particular have seen the value of Twitter and are taking it up in record droves. On any given day, you can read tweets from and reply to Ashton Kutcher, Hugh Jackman or Miley Cyrus. You can also have a conversation with Richard Branson, or tweet Tony Robbins.

So, what’s the attraction?

Twitter is a platform for people to interact.

See, this whole social networking thing is not as complicated as you think it is. In fact, it really comes down to two things:

1. Value

Most entrepreneurs have realised that they need to provide value via social networking. Unfortunately, many have still failed to have the revelation that “value” does not refer to what they find valuable, but to what their clients find valuable. Your clients don’t care if you’ve released a new product. They don’t care if Janine in sales has had a baby. They care about how what you do will affect them.

2. Interaction

This is the bit that’s missing from most social networking. See, social networking, at its heart, is about interaction. It’s about community. If you were around for the original online boom in the 90s, you’ll remember the sudden emergence of online communities based mainly around chat rooms on websites like Yahoo and AOL. Marketers could never figure out how to monetise these rooms and contented themselves with banner advertising.

Example: the first person to one million followers on Twitter? Actor Ashton Kutcher. How? He got online and talked to people. All of a sudden a million of his fans realised they could have a direct conversation with their favourite star.

This is where the secret of social networking lies. Reaching out, talking to your fans. Interacting with them, asking their opinion. Becoming a real person that they can have a relationship with.

The moment you start thinking about “monetising” you miss the point. It’s not about making money. It’s about developing relationships. Yes, those relationships will make you money – but only if you focus on building them and don’t spend the whole time thinking about the money.

Think about it – you know when someone approaches you looking to develop a partnership or broker a deal and they’re just thinking about the money. You can see it in their eyes, hear it in their voices – they literally stink of desperation.

On the other hand, when someone approaches you focusing on what they can do for you, on the value they can provide for you … well, that’s a whole different thing.

And, of course, herein lies the issue with social networking for many entrepreneurs. There’s no getting around it – utilisation of social networking as a form of marketing requires an input of time.

This bugs a lot of business owners, looking for a shortcut. Isn’t there some way in which we can just, like, advertise on it or something? Do we really need to spend hours in front of our computers tweeting, LinkingIn and Facebooking?

Well that depends – do you want to have one on one conversations with entire enclaves of your ideal target market? Do you want to be seen as a leading source of information? Do you want to be one of the cool kids?

Interestingly, it’s not just about being cool with kids – the median age of Twitter users is 31 and Twitter is heavily utilised by business owners.

If you want to learn how to use Twitter effectively, follow these people and copy what they’re doing.

  1. Guy Kawasaki – @GuyKawasaki
  2. Jim Stewart -  @jimboot
  3. Scott Stratten – @unmarketing
  4. Ed Dale -  @Ed_Dale
  5. Alister Cameron -  @alicam

If you want to see what your own standing on Twitter is, get your rank from http://www.twitalyzer.com/

Leela Cosgrove is Managing Director of Business Writers Anonymous, focused on sales, marketing and business development. She is also a firewalker, has a black-belt in Tae Kwon Do, a penchant for tattoos, and enjoys bands such as Rammstein, Li Bach, Marilyn Manson, Pennywise and Bad Religion.

 

  • http://twitter.com/jennaiswriting Jen

    I think people definitely miss the point with the idea of value. Posting link after link after link does not equal value for the regular user. Most people I know, myself included, go to Twitter to wind down and chat to people. As soon as I see someone I’m following posting copious amounts of links, I unfollow immediately.

    Sure, go ahead and link to something if you think it’s interesting. But, there is more to it than that. Think of other ways to add value (I can’t believe I just used the phrase “add value” – my most hated of business cliches!). For example, if you can put a smile on my face or make me laugh at the end of a long day, that’s valuable. If someone writes that they had a bad day and they feel like crap, reply and empathise with them, suggest a good place for choclate cake or a good brand of bubble bath or whatever – just connect with them and treat them like a person.

    Because behind those accounts are actual people, all of whom are just looking for some basic social interaction. Remember – it’s social NETWORKING not social BROADCASTING.

    [Reply]

  • Drew

    The big problem here is that Twitter will not scale. Sure Ashton Kutcher got followers after everyone realised they could talk to him. But now that he has a million followers – how many of those get an opportunity to engage with him directly. What must it be like trying to read @ messages and DM’s from a million people wanting to be your friend?

    I am guessing he has a lot of disillusioned followers now. Twitter is fine if you have a couple of hundred followers – beyond that, it is plain crazy, unless you are using it to shamelessly broadcast about your ego!

    [Reply]

    Leela Cosgrove Reply:

    You’re right Drew – if I had two million Ashton Kutcher type followers I probably WOULD struggle to keep up with them.

    Here’s the thing – not ALL of your followers / followees are tweeting at the same time. You don’t keep up with every single thing that every person says. When I get on Twitter, the first thing I do is check my @ replies so that I can INTERACT with the people who are interacting with me … then I might scroll down a page or two to see what’s been going on – but it’s not about keeping up with every single thing every single person you are following writes, it’s a lot more “in the moment”.

    I liken it to the old days of chat rooms – although in those days you couldn’t go back over what had been said before you arrived …

    I don’t know about everyone else, but I totally ignore the DM function – it’s mainly used to spam people. I don’t go on Twitter to have private conversations with people – those who want to have those conversations will take the time to track down my direct contact details.

    [Reply]

  • http://www.jennacosgrove.com Jen

    I have almost 1500 followers, and I don’t find it crazy. I like that the feed moves fast and I can always keep up with my @’s.

    When celebs have a few hundred thousand, that is a different thing, but plenty of them do their best to do a lot of replies. Check out Russell Brand, he is constantly there sending love to his followers. It only takes a few replies on a regular basis for people to realise that they’re making an effort. Ashton has 2 million followers – I don’t think anyone expects him to reply to everyone, but as long as the possibility is there, and they know that he is probably reading what they write, that’s enough for a lot of people.

    [Reply]

  • http://www.deswalsh.com Des Walsh

    Couldn’t agree more. Thanks for this: it’s in the reference document category. One thing though: when I read something as good as this I think something like, “hmmm, this would be a good person to follow on Twitter”. So I look for your Twitter handle, but can’t find it. Thinks: “maybe it’s on her website” – I click through to the website: no deal. Help us out here, those of us who would be your followers. :)

    [Reply]

  • http://www.deswalsh.com Des Walsh

    PS: friend says – have you tried @leelacosgrove ? D’uh. It works, now following. I still think you should promote yourself, not just those *other” stats like Ed Dale and @alicam :)

    [Reply]

    Leela Cosgrove Reply:

    Thanks Des! Good point re the Twitter thing … consider me suitably chastised … however, for the record, you can normally find me on ANYTHING by putting in leelacosgrove – I have a bit of a unique name so I tend to be able to get it as a handle on whatever site I’m frequenting …

    Not that I have ANY problem with the concept of shameless self-promotion, but I’m attempting some level of go with my own advice. Let them come to you … perhaps don’t go to my extent where you make it so difficult for them to get to you that they have to guess your Twitter handle *slap!* – but you know …

    [Reply]

  • Thor

    Aye, I have been on Facebook and Twitter for a week, I have made $300 so far in sales from relationships formed on Facebook and $6,000 from Twitter. IN A WEEK. Did I do it by relentlessly spamming? No, I started conversations with prospects and did my research before making an offline phone call and suggesting solutions based on the conversations we had been having. Thats 2 phone calls, in a week. In my first week on either format as a “business”. It IS scale able, it’s about conversations. Like personal referral, the most prized and high conversion lead, Facebook and Twitter allow you to become a HUMAN before you become a “salesperson”. It’s GOLD. But it’s not about the money, it’s about the relationships, the value, then the money comes NATURALLY and ORGANICALLY.

    [Reply]

  • http://www.twitter.com/cait Cait

    While celebs can’t keep up with all of their followers, they don’t need to. Musicians tweet after concerts thanking people for coming, tv hosts tweet about their shows before and after. It’s better than tabloids, the celebs get to be in control.

    The real money in Twitter is as a service.

    Giving more control to users to block spammers and maintain their own walled garden of people they want to interact with.

    I’ll be shelling out for TwitterPro as soon as it’s available.
    Not for business, but because it’s fun.

    Keep Twitter fun.

    @cait

    [Reply]

  • Jackson

    Social networking is all well and good with some business models but I deal with miners predominantly and they generally don’t twitter. I would be curious to hear what industries people are having success with using Twitter to build relationships with clients.

    The other problem I have with this whole social networking thing is that if you want to use it for business you have to present yourself in a business manner. I don’t want my clients to know how many bottles of wine we drank on Friday night or my current gripe with the political issue of the day. I want to be able to tell my friends these things however. Furthermore when you broadcast information to every client you have to present it in a way so that you are being all things to all people. My experience in selling and building relationships is that one needs to adapt to their client to find common ground. Sometimes it’s the things that your clients don’t know about you that gets the sale.

    I guess I am just an old fashioned 25 year old… Give me a well executed cold call as a point to starting a new business relationship any day of the week.

    [Reply]

  • http://www.alistercameron.com Alister Cameron // Blogologist

    Leela,

    I agree with Des… feel free to self-promote :)

    Very kind to include me in the list. I truly am chuffed!

    -Alister (alicam)

    [Reply]

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