Episode 267: What Happened to Twitter?

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Most of us use social media as a tool for our businesses to get leads and there are quite a lot to choose from. One of them is Twitter, which is subject in the news recently when billionaire-entrepreneur Elon Musk acquired it for $44 Billion. Elon Musk is usually underestimated, but he has done amazing things as an entrepreneur with Tesla and StarLink.

In this episode, Adam Stott shares his experiences using Twitter for business. Adam shares his views on the future of Twitter as Elon Musk takes on the helm. Whether you love or hate Twitter, it possesses a massive opportunity for ads for business. Listen to learn more!

Show Highlights:

• Problems encountered in the past with regard to business on Twitter
• The fast-moving nature of Twitter
• Adam’s experience with Twitter conversions
• The potential impact of Elon Musk’s acquisition of Twitter on businesses
• Elon Musk’s achievements with Tesla
• Smart things Elon Musk has done as a business owner

Links Mentioned:

Join the Ultimate Three Day Business Event and learn more Business Growth Secrets
Be part of our Facebook Group Big Business Events Members Network
Connect with me on Instagram @adamstottcoach

Transcript:

Please note this is a verbatim transcription from the original audio and therefore may include some minor grammatical errors.

Adam Stott:

Hello everybody and welcome to another episode of the Podcast Business Growth Secrets show. I’m your host Adam Stott. Really excited and really excited about the topic we’re gonna be talking about today, which is all about Twitter. Yes, Twitter. Is something that we not covered too much in the podcast previously. I’m gonna tell you exactly why, and I’m gonna tell you some of my thoughts on how I feel. Elon Musk could potentially add massive value in the space of social media, social media marketing, and actually two businesses. So I think it should be a really, really interesting episode. So if you’ve been using Twitter for your business to get new clients, get new sales, and get some new leads, then you are gonna find this really interesting.

If you’ve ever considered using Twitter, but not knowing how, this could also be very, very interesting to you too. So let’s jump into the podcast episode. Welcome back to another episode of Business Growth Secrets, and I can’t wait to get started.

One of the really common questions that I’m asked, being that I run events both online virtual events and in-person events on how to get your social media far in bringing you leads, clients, and sales. I’m often asked about Twitter. “Hey, you know, is Twitter something I can use to grow my business?”. “Is Twitter something that I can use to get new needs, get new clients?”. And unfortunately today I’ve had to answer the question as a big resounding no. Why is this?

Well, our experience with using the platform Twitter, yes, we’ve got a Twitter profile. I have a Twitter profile. We’ve used it in the past, but there’s a few problems. If you are a business owner and you want to generate leads, first and foremost, the problems in the past that have been very simple is that Twitter moves so fast in a consistent basis that actually gaining someone’s attention. Getting them to take an action is very, very difficult for a business.

So when you are tweeting and you’re putting your message out there, it’s disappearing at such a fast rate that you have to tweet several times continuously to gain the attention and impressions that you want, which makes it a bit of a problem because of how fast the platform moves. Now secondly, the advertising function of Twitter is a very difficult platform for business owners. Like myself and you, to be able to use to get leads for your business and grow your business.

Now, let’s explore why. Twitter has all the same functions, say your Facebook, your Instagram profiles, your TikTok. In that you can run ads to generate traffic. So let’s say you wanna send people to your website, you can run ads on Twitter to do that. You can direct people off Twitter onto your website so you can get them into a conversation.

If you’ve listened to my previous episode where I talked about sending through social media, you remember what I said. That the key to the game of social media, if you are somebody who wants more clients, more leads. You want more sales, you want to use social media to generate income as a business owner. Then one of the biggest problems with that is speed.

If this is a mobile phone and you look at the process, typically what happens is people sit there scrolling. They sit there scrolling on the mobile and they stop, typically for a second or two, then they keep scrolling. Then they stop and they keep scrolling, and sometimes something will catch your attention. They’ll stop and they’ll look at it for a short period of time, and then they’ll keep scrolling.

So, what I wanted to talk about today is it’s still like that, right? So you are listening to this right now. You might be running Facebook ads, you might be running YouTube ads, you might be running Instagram ads, and you might be getting some varying degrees of success with them. Maybe you’ve not tried Twitter ads, you’ve never set it up, you’ve never tried it before. Our experience is that when we run ads on Twitter, we’re able to generate lots of clicks and lots of traffic, but hardly any conversions. So what I’m hoping now, being that Elon Musk is coming, took over Twitter, and they’re obviously looking for new monetization opportunities. And with social media channels, typically the monetization opportunities is different ways that Elon Musk could monetize this platform.

So one of the ways, one of the biggest ways would be through advertising. Now, if he wanted to make advertising work, and he wanted to increase the revenues of advertising, then he’s gonna have to find a way to help us business owners to generate more leads through that platform, if that is his plan. Alright, so one of the things and, and the challenge there is being able to turn clicks into conversions. I think that’s something that has to be a primary focus and that’s not the only way that you can generate revenue through social media channels.

Now, one of the things that Elon Musk would’ve purchased with his 44 billion pounds is masses of data. So data is a huge asset for any business. By buying Twitter he has bought all the data. He owns all the data collected over the years with Twitter. That is massive. So he could look to monetize that data, for businesses potentially. I even read in the financial times that he’s gonna be looking at licensing data as well, which is another way that you can monetize. And there are massive opportunities.

So a lot of people are like, oh my god, Musk crazy for paying 44 billion pounds for this social media channel. That is essentially a sleeping giant. I would say that he realizes and knows that there is monetization value in that platform. And there’s lots of different ways that you can monetize social media platforms.

One being through advertising, another been through data, another being through licensing, and there’s so many more. So it’d be really interesting to see what he does next with his channel. But the thing I love about Elon Musk is talk a little bit about him as an entrepreneur. And the thing I love about what he’s been able to do as an entrepreneur is he’s been able to create masses of innovation. He’s been underestimated in what he’s trying to do.

He’s made some big moves over the years and some of the things I’ve followed his work closely. I’ve read lots of books on Elon Musk, because I love the things he’s done. I’ve followed the articles about Elon Musk. I really looked here and one of the things. Inspired me to buy a Tesla, right of of all things. I never thought that I would buy an electric car. One of the reasons of all one was because of Elon Mus. One thing that I’ve noticed in having a Tesla is the infrastructure that he’s built for that brand is phenomenal. I mean, phenomenal. You know, everywhere you go, you’ve got specific chargers for your car.

They’re virtually in every major service station and petrol station, meaning that whenever you want to charge a car, you’re hardly anywhere away from a Tesla charger. The other thing that he’s done is if you have another electric car, you don’t have a Tesla, then you can go and charge your car up. But it takes hours and hours and hours to charge it. If you’ve got a Tesla. You charged in 30 minutes or 40 minutes or an hour, depending on which model you’ve got. So he has reduced the time that it takes to charge that brand of car, which I think is really interesting because what Elon Musk seems to do very, very well is he gets to understand who his client is, and then his mantra is Add value.

How do you add value to that client? And through business growth secrets, if you’ve been listening for some time now, some of the things that I’ve explained. , you know, if you wanna win in business, you’ve gotta know who your client is. You’ve gotta know what their problems are, and then you’ve gotta come up with solutions for their problems. And you’ve gotta find ways to make it easy for them. He’s been the master of doing this through what he’s done with Tesla.

One, he has made it easy to charge a car anywhere. Two, when you charge a car, you don’t have to pay anything. You just plug in and it automatically gets billed from your Tesla account. See, you never actually see what you get build for the electric or an ongoing basis. The whole setup and infrastructure of of Tesla is just phenomenal and it’s very, very easy. Now in terms of the car, the technology is outstanding.

Alright, so, previously I had a Bentley loved it. Really like the car. Moved to Tesla because of some of the massive tax breaks and things that you get by having a Tesla, which is cool. But then the reason I haven’t changed my car yet is because of the infrastructure. It is easy and the technology that’s built into that car, that makes it leading.

So you gotta look at these things. None of this is by accident. So when you look at Twitter, Elon Musk can have any kind of impact close to what he’s done within the Tesla network and within the automotive industry on a social media platform and format, I would say that the people out there, in terms of Facebook, your Instagram, youtube They should be worried because what this guy’s done with Tesla is phenomenal. You know, it is now the leading company in the world in terms of automotive. It is valued more than Ford Motor Company and all the other major companies out there. So let’s look at, because this is business growth secrets, and I wanna tell you some of the smart things he’s.

Number one, he looked at who his client is. He looked at what problems they have, and he looked at ways that he can solve those problems. He looked at how he can make it easy for the client, which is important. And then he looked at how can I get repeat purchases? Now, one of the most important things in business is not just getting new clients, is getting those clients to purchase off you again and again. And that is what he done with Tesla. So I would say, Do not underestimate and don’t sleep on Twitter.

As a business owner, if you wanna use social media to grow your business, there’s gonna be big opportunities in my mind for what’s coming up with Twitter. Perhaps he’s gonna improve that advertising function and hopefully he is because you know, he’d be getting my business all day long. And when you look at advertising on social media, and advertising for your business. And if you’re listening to this and you haven’t been following the things that I’ve been doing for a long time, one of the things that I’ve often said is the easiest, fastest way to grow a business and the best way to make money in business is to learn how to turn advertising into profit.

Now what advertising into profit is is very simple. When you can spend a thousand pounds, a thousand dollars on ads and generate £10,000 back in sales, and you can do that on a consistent base, you should never go look back because then it’s just put another thousand in and make another 10,000, put another thousand in, make another 10,000, put a thousand and make another 10,000. That’s where you want to be in business. That’s like the holy grail of business turning advertising into profit.

So knowing what’s happening in the social media landscape, if you look at Meta, you look at Facebook, what have they done and what’s some of the problems been with their advertising platform or some of the problems is that even if you’ve been a long time customer of Meta and you spent millions of pounds, which I have with meta with Facebook, on Facebook ads and Instagram ads, is you’ve probably come across and suffered restrictions or your advertising account, and when you suffered those restrictions on your advertising account, there’s never been anybody to speak to, right? There’s never been anybody that can turn that around. You have to go through a live chat. You virtually get no customer service at all, even if you’re spending a million pound a year with meta, which is crazy, which tells me there’s a problem in the market.

There’s obviously a product or a service while Meta that allows you to get out to the masses and turn advertising and profit, which us business owners want. But there’s a big problem with the customer service side with restrictions with you getting a account shut with no customer service at all.

So that tells me there’s an opportunity and Elon Musk being as smart as he is and being as great as he is of what he does, that tells me there’s a huge opportunity for small business owners coming to be able to start advertising through Twitter and being able to start getting the message out and hopefully, you know, Twitter’s gonna enter that race to really win small business owner like you, like me, like anybody that’s self operating a business anywhere between, you know, a hundred thousand pounds to 25 million pound to be able to take that market share and start to get those advertising dollars and pounds. And I’ve got my fingers crossed that Twitter is now gonna be entering that space is a new opportunity for us to create ads.

Now what I’m also hoping, and what I’ve seen is obviously if you look at the rise of things like WhatsApp and WeChat in China. They’ve become very, very powerful tools for communication. And if you look at what Elon Musk has done with Tesla. He has really set up an infrastructure, a community, and a culture for Tesla in a big way. And if he can do the same thing with Twitter where he can start to set up a messaging platform alongside a social media platform alongside a way for you to connect with people and engage with people, then that could be a very, very powerful new thing coming.

So I think you should watch the movements of what’s happening with Twitter very closely as a business owner. Because I think that there’s gonna be major, major opportunities coming up and look, I don’t know exactly what they’ll be, but reading between the lines and reading about it. The talk of a overall power app, which combines purchasing, communication, culture, and being able to speak to people on a social media platform like a mega app. It sounds like that’s the room that Elon Musk is potentially gonna look to go down with Twitter.

So it could become a very, very powerful tool for business owners. So you might be asking like, Adam, what do I need to do right now? What you need to do right now is just be aware of what’s going on. Look at the changes that are happening. Look at the features that are being put in place and look at, maybe start increasing your presence again on Twitter, because it seems to me that there really could be a shift in the social media landscape that could bring this back to the forefront as a great social media channel to help you grow your business.

So keep updated with the change. Look at the changes, start to be a bit more on trend with what’s happening, and do not for any reason, underestimate, you know, the richest or one of the richest men in the world in Elon Musk and his ability to put customer problems first and solve those problems. Because if you do, you can miss some major opportunities.

So there’s just some thoughts for you. And what I feel the future of Twitter could hold. Maybe if you haven’t got a profile going, get one. If you have got a profile and it’s a bit dead, you’re not using it, start using it again. Keep up to date with the changes and start to see what happens with your sleeping giant. Because it could present you with some new opportunities.

So hopefully you’ve found that valuable, a couple of tips and a couple of thoughts on what Inno Musk has done and, you know, some new opportunities that could arise in the near future. I wanted to do this episode to keep you on trend with it hopefully you’ve had some value from that, and hopefully you’re enjoying the podcast. Right.

We’ve done lots of episodes where we’ve done some really great interviews. Just a couple of episodes ago, I interviewed John Caldwell. The billionaire who sold Phones4u who owns the largest, most expensive home in Britain, and he told you his critical factors for running a business. I highly encourage you to listen to that episode. I think it was a great episode. We’ve got new guests on all the time. Who are adding lots of value. So if you haven’t already, please do make sure to subscribe to the podcast.