As Twitter shares plunge 13% and user growth & revenue pale in comparison to other social networks.
Investors, shareholders, and tweeters alike fear the legendary tech startup is doomed. #TwitterTurmoil
Founded in 2006 by by turning “moments of panic into moments of inspiration”
Twitter is no stranger to the art of the pivot and is taking fast deliberate actionable steps to ensure a successful future.
5 Key Business Lessons To Learn From Twitter
1. Embrace change.
“Expect the unexpected. And whenever possible, be the unexpected.”
Jack Dorsey knows when it’s time to hold to true to traditional strategy, and when it’s time to evolve. Twitter doesn’t fear change it leverages it as a discovery tool. Actively re-evaluating what’s working, what may have been overlooked, and to re-imagine what’s possible.
2. Value Consumer Habits.
A product only as valuable as the the User Experience.
Over 300 million people use Twitter on a monthly basis, however over a billion people have tried Twitter and decided it’s not for them.
Recognizing there’s the potential to appeal to an additional 700million people, Twitter continues to simplify the platform to enhance the user experiences.
Twitter closely studies their customers’ broader behaviors around the use of their products and services.
Here are examples of careful listening and watching:
- More Visual Pizzaz – Twitter Feed Looks More Like Your Facebook Feed
- While you were away feature– Recap of tweets you may have missed that have high user engagement
- Moments– lets users quickly find the best of what’s happening on Twitter at any given time.
- Hearts replaces Stars– “The heart is a universal symbol that resonates across languages, cultures, and time zones. It is more expressive, enabling you to convey a range of emotions and easily connect with people. And in our tests, we found that people loved it.”
- Polls -people can weigh in on all the topics they care about.
- Unlock 140 Characters– still undetermined, there are talks of Twitter tweaking it’s character limitation limit beyond 140 characters.
3. Leverage Multiple Product Streams.
Twitter doesn’t rely on one product stream, like most successful Startups, their business model includes and integrates a variety of products/platforms.
Apps like Vine and Periscope are social media moguls individually, however their integration with in Twitter is the startup “Secret Sauce” and perhaps the most crucial ingredient to growth.
4. Never Stop Focusing on Funding.
1.16 Billion dollars in 8 funding rounds later Twitter, knows that seeking and raising capital is a constant battle. There’s not a mysterious funding plateau a startup reaches where investors and investments no longer matter, even for Unicorns.
There’s always a song and dance for funding, with investors scrupulously looking for the highest potential return on investment, with little risk.
5. Choose a CEO that is both a leader and a visionary.
Twitter announced that it was bringing back its co-founder, Jack Dorsey, as permanent CEO. Jack is a lead product visionary at the core, and aims for his products to help society work more efficiently and humanely.
“My role as an observer and as a technologist is to show everything that’s happening in the world in real time and get us to that data immediately, so we can change our lives even faster, with better knowledge.”
People invest in people, a good leader is someone who guides people and empowers it’s members to make big decisions. If I have to make a decision,” Jack says, “we have an organizational failure.”
Whether or not the 5 business lessons above will save Twitter, only time will tell.
It’s a critical time in the history for one of the most mainstream media platforms of our time.
Twitter was born out of a Pivot in 2006 …will it Thrive on a Pivot in 2015?