Jun 2 '14
June is upon us! It’s been another busy month in the world of social media, so let’s take a look at what happened in May and what does it means for you and your business or organisation?
Uber shows disruptive power of social media
Uber, the venture capital backed transport start-up from San Francisco, California, is creating something of a stir over on our side of the Pond. The Uber app, which is available on iPhone and Android devices, connects passengers with drivers.
So what’s all the fuss about? Well, as reported in the Guardian London’s black cab drivers are to launch private prosecutions against some Uber drivers as it is illegal for private hire vehicles to be fitted with meters.
- Social media has the power to instigate radical change – get used to it! Just like bankrupt camera maker Kodak, who invented the digital camera but chose not to launch it because their print business was more profitable, technology can change markets and you need to adapt to the evolving needs of your audience whatever industry you’re in.
- Change can happen quickly. Uber was founded in just 2009 but it’s already in more than 100 cities worldwide and is valued at nearly £10bn. You need to constantly monitor your competitive enviroment, researching new trends as well as your existing competition. Draw-up a list of key threats and agree a response in advance to combat each threat as it arises.
Pinterest is back in the news
It’s been a quiet few months for visual discovery/scrapbook social network Pinterest. For a brief period in time, it was the darling of social media but both Facebook and Twitter have overshadowed it recently following a string of headline-grabbing updates.
But it looks as if Pinterest is planning to fight back, after raising a whopping $200m according to Bloomberg. With a company valuation of nearly $5bn, Pinterest is expected to invest heavily in expanding its website and developing new ad revenue streams.
- It’s not all about Facebook and Twitter, Pinterest is a big deal and it’s here to stay – don’t ignore it.
- Click through rates on Facebook are les than a measly 1% and Twitter is yet to prove that it has an ad model worth investing in. If you’re planning to spend some of your online budget on social, consider how Pinterest could work for you. Sure, it’s reach is smaller, but it’s known as the better performing platform of the 3 when it comes to engagement.
Why Twitter’s user growth might just be papering-over the cracks
Earlier in the month, Digital Trends reported that Twitter’s user base had grown again, picking-up 13 million new users in the first 3 months of the year (nearly 6%). Despite that, the company’s share price dropped by more than 10% in after-hours trading.
How come? Well, investors weren’t satisfied that this growth was fast enough, not to mention the disappointment in the year-on-year fall in timeline views.
- Twitter’s growth could be stalling, despite the growth in smart phone usage worldwide. This is particularly worrying for the social network in developed markets, such as the UK, where it may have already reached saturation point. When considering where to spend your efforts on social media it’s important to consider reach. For example, Twitter might be easier to update on-the-go than other social networks but does it devlier the same clout in terms of impressions for you than Facebook?
- Timeline views are falling, that’s a fact. In a nutshell this means that users are consuming less content than the same time last year. However, it’s not all bad news, as the engagement rate for content which is being viewed has increased. What this means for you is that you should carefully consider the relevance of your tweets. You’ll have to work harder to get your tweets seen, but if you provide good quality content you’ll be rewarded. (Why not check out our Tweeter of the Week posts, where we review the best Twitter accounts and critique what it is they are doing so well?)
Facebook introduces audience insights
Facebook’s been at it again. That’s right, there was another news announcement from the social network giant this month. However, rather than a tweak to their algorithm or new page feature, you’ll soon be able to get more information about audiences. Facebook Audience Insights is a new tool designed to help you understand your audience more and therefore provide them with more relevant content.
- Content was the buzz word for social media in 2013 and it’s showing no signs of going away in 2014. Use the information you have available wisely – how can you tailor your content to better match the needs of your audience?
- Capture information about potential new customers! You can now aggregate anonymous data of users on Facebook who are not fans of your page. This can help you to target them with highly tailored ads and content.
It’s been a brief whiz around the world of social media, and no doubt they’ll be more fiddling from Facebook, Tweaking from Twitter and changes from all the other networks next month – so join us for another rond-up then.