Twitter and Facebook are seasoned veterans of the social media scene. Yet, there continues to be considerable discussion around these two behemoths of late—particularly when it comes to their mind-boggling growth rates.
Twitter is a phenomenon in its own right. With a 1,382% annual growth rate, it’s hard to disagree. There’s even talk about Google acquiring the micro-blogging site (which would warrant its own blog post if and when that happens).
Though I regret to admit I’ve been slacking on my own tweets, it seems I personally have been surrounded by all-things Twitter over the past two months. Our agency supported the Rochester Twestival—the first event of its kind that united 200+ local communities worldwide on the same day, using Twitter to raise money and awareness for a good cause. While watching NCAA basketball, commentators were glogging via Twitter to capture the action as it unfolded. Oh, and RAF requested to follow me too!
Now, what about Facebook and its robust 200% growth rate? Is it really taking over our lives? I was surprised to learn that Facebook’s fastest growing demographic is women 55 and over—up 175% since September 2008. Also, for the first time, I saw a commercial that included VitaminWater’s Facebook page—instead of the company’s website.
These are all solid examples of how both Twitter and Facebook have already transformed the way people communicate in general, as well as how businesses have adapted to reach their customers in new ways. It will be interesting to see how these two evolve, and what results from the competition between them. Will the companies continue to one-up each other? Will they remain private entities, or eventually be acquired? Ultimately, is their growth sustainable?
It’s all about engaging the customer in the most effective way possible and it’s all an opt-in situation. The crew at Hubspot has done an awesome job in coining the term, “Inbound Marketing” focusing on the power of engaging the audience in a non-invasive way. Right now, Twitter and Facebook are the main tools in the belts of “inbound marketers”, but it is very tough to say where things will go for the two giants. If either one has a shelf-life, it’ll probably be related to trying to monetize through requiring to pay for membership.
Very valid point, Paul—even more so when you consider these tumultuous economic times. Zuckerberg may have to consider a shift from his current “growth” strategy and find other means of creating revenue, so we can’t rule out the possibility of a subscription-based FB service in the future. How will people react when they have to pay…will they just move on to the next best “free” site? What would that mean for communicators?