Twitter – What’s happening ?
Social Networking Benefits
Social Networking benefits For Profit Organizations
- Social Networking sites are great ways for companies to build their brand image with low cost.
- Entrepreneurs and small businesses use social networking sites to expand their contact bases.
- The networks built via social networking sites are a customer relationship management tool for companies that sell products and services.
- Social Networking sites help business keep in touch with contacts around the world, and many more ……
Social Networking benefits Non-Profit Organizations
- Social Networking benefits Government. Government agencies use social networking sites to get the opinion of the public and to keep the public updated on their activity.
- Social Networking benefits Education
- Because many students are using social networking sites, teachers have begun to use social networking sites as a communication tool with students.
- Teachers and professors are creating chat-room forums and groups to extend classroom discussion, posting assignments, tests and quizzes, and assisting with homework outside of the classroom setting.
- Because social networking sites make it possible and more convenient for parents to ask questions and voice concerns without having to meet face-to-face, schools and teachers use social networking sites to foster teacher-parent communication.
- College students use social networking sites to network with professionals for internship and job opportunities, and many more ……
With so many benefits, Social Networking is surely NOT a fad.
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Twitter & its Business Model
Social networking sites allow users to contribute content that is then broadcasted as it is being uploaded, a concept similar to live television broadcasts. Twitter users can send tweets to broadcast to the world what’s happening, what they are doing, or what is on their minds.
The business model of social networking sites is based upon large membership count, charging for membership, therefore, would be counterproductive. Most social networking sites sell online advertising on their site. Even though Twitter is a social networking site, as a micro blogging service, it has its unique features that require a different approach to its business model.
- The foremost uniqueness of Twitter is its news value, and that’s what makes Twitter unexpectedly important. When the tremor rocked Ontario and Quebec, people used Twitter to share stories and connect to other people well before the news would show up on any mainstream news platform.
- The next uniqueness is that it grew largely through developer ecosystem, and its users weren’t concentrated on its Twitter.com property.
Twitter is currently testing its “promoted tweets” advertising format. The uniqueness of this format is that it enhances the communications that companies are already having with users, a different approach than conventional ones that companies have no communications with users before.
Because Twitter grew largely through developer ecosystem, the revenue model should not be limited to the site itself only. The ads should cover developer applications, and Twitter is right at splitting promoted tweets revenue with distribution partners.
Since Twitter has its unmatchable news value, a business model of charging those who profit from Twitter is necessary. In order to achieve the goal, a comprehensive tracking system to track consumer behavior and a comprehensive statistics of trending topics are needed. News agencies should be able to subscribe to the feed of those statistics for a fee.
Meetup.com has a good revenue model Twitter can implement. Their similarity is that the group organizers are usually the companies who advertise themselves by organizing the group and that companies build brand image via Twitter. The revenue model of meetup.com requires organizers to pay the membership fee while it’s free for members to join. Therefore, Twitter should also charge those organizations, including government.
Individual twitters and the quality of the content are vital for Twitter. By charging those who benefit from Twitter and by not charging individual twitters, Twitter is able to ensure its content quality and also the revenue.
In a word, Twitter’s business model is sustainable from the financial perspective.