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Twitter Inc (NYSE:TWTR) Has Finally Found a Way to Monetize Users

Twitter Inc (TWTR)

Twitter Inc is making massive changes to its core business in a move designed to trigger user growth and milk more money out of the current crop of users. Tech Crunch reports that Twitter is looking to enter the customer care space in a bid to replace the 1-800 numbers and online contact forms with humans who get to respond to queries in real time. This move is designed to leverage Twitter’s edge as a platform for brands to reach their audiences.

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Twitter has been making smart moves in the days after its board confirmed Jack Dorsey as CEO up from being the interim CEO. The firm is already laying off about 8% of its payroll in a move that would cut costs and allow the firm run on a leaner structure. In other news, the firm is ready to shake things up on its board as it brings in Omid from Google to come on board as the executive chairman of the board.

Customer is king at Twitter

Twitter s the go-to platform for people to connect with brands that they follow. Twitter has been the avenue to praise, complain, and form tribes for brands. Hence, it makes sense that the firm finds a way to make money from its customer service platform. In August, the firm hinted that “easier for brands to provide better customer service on Twitter”. The firm says it wants to trigger the next wave of revolution in customer service.

Social Bakers report that more than 80% of customer service requests on social happen on Twitter because of its real-time nature. More so, some big brands are using the platform to engage with their audiences. For instance, General Motors is one of the big “traditional” brands that have found a home on Twitter. In August, Rebecca Harris, Global Head of Social Center of Expertise at General Motors said “We interact daily with our customers on Twitter, allowing for a quicker, more personal engagement, enabling General Motors to put its customers at the center of everything we do“.

There’s a huge chance for Twitter to make money from the customer service market. Analysts at Social Baker as reported by Tech Crunch noted ”that here have been 21 million questions asked on Twitter this year so far this year, with carriers, airlines and finance companies topping the list of those being contacted by customers on Twitter. But there’s a gap in how many get answered: just 30% on average”

Twitter has another shot at making money

The main issue Twitter has with shareholders is its failure to attract new users and make money from its current user base. Board member, former CEO and co-founder Ev Williams says the firm has “formed a connection between brands that didn’t really have a community channel. Now it’s a major source for customer service and marketing, there’s a robust business there… That part’s always been very powerful [and] as the utility and business grows that naturally grows with it.”

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Victor Alagbe is a seasoned business and finance writer with a specialty in writing about how to invest for the long-term in healthcare, pharmacology, energy and tech stocks. His long-term focus is on stocks that provide a nice mix of growth and income. For the short term, he passionately writes about trading stock options for the excitement and leverage that stock options offer.

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