Twitter CEO Evan Williams and Twitter COO Dick Costolo have once again taken the stage at the Chirp Conference in San Francisco to speak about one of the biggest questions plaguing investors and pundits: How will Twitter make money?
Yesterday, Twitter launched Promoted Tweets, the first stage of its advertising and monetization platform, but now the company is diving deeper into the subject of monetization.
Notes from their discussion:
Details: Twitter's Monetization Model
- "It's been on our list of features to build," said Evan Williams. He stated that they had to make the choice time after time to choose between it and infrastructure upgrades or user features for the long-term success of Twitter. That is, until recently.
- Dick Costolo: "Promoted Tweets are not ads." They are tweets.
- He explains promoted tweets as a combination of "earned media" and "paid media."
- You can do all of the same things to a promoted tweet as you can a regular tweet.
- Costolo is discussing some of the key features of promoted tweets: creative license, analytics, and interaction.
- A feature Costolo is excited about: real-time promotion. His example was charging your iPad battery: when people were talking about their inability to charge via USB, an advertiser could use Promoted Tweets to reach a wide audience about charging their iPads.
- Promoted Tweets starts with search so that the company can test it.
- After Twitter feels like it has a sense of how this works, it will roll it out beyond search
- Resonance: "Measures multiple axes of engagement with a tweet."
- Promoted Tweets starts with search so that the company can test out the platform extensively so that it can best serve users.
- After Twitter feels like it has a sense of how this works, it will roll it out beyond search
Resonance measures all of the different ways people engage with tweets. Measures reuse of a hashtags, clicks on avatar, clicks on shortened links, retweets, favorites, the influence of the retweeters, etc.
- There is an expected resonance score for promoted tweets, based on the score you've already built with your Twitter account. Companies must have a Twitter account to use promoted tweets.
- Promoted tweets that don't "resonate" will disappear out of the rotation.
- "Twitter represents these very visible, one-to-many relationships."
- Dick's now talking about the "interest graph." Think about it: who you follow is an indication of your interests. If you follow the Giants, you're most likely interested in baseball and specifically the SF-based baseball team.
- "It's not just about Twitter.com making money … It's about the entire ecosystem making money."
- Revenue share: 50/50 between developers and Twitter, after costs are deducted.
- No, if you don't want to use promoted tweets, you don't have to. It's just an option. They will, however, enforce a new Terms of Service that says what is and is not allowed for in-stream Twitter ads.
Starbucks
- Brad Nelson of Starbucks and John Battelle of Federated Media have joined Costolo on stage to discuss Promoted Tweets.
- Starbucks is in the experimental stages of Promoted Tweets. They're trying different types of tweets to test engagement. To Starbucks, it's a way to get through the noise.
- You don't pay for Promoted Tweets that don't get seen. You get the same free, organic use of the platform as companies always have.
- Once you pay for a tweet, it is pegged immediately. Once there is enough information about the tweet, it will either stay in the stream or disappear.
- Q: Is Twitter going to publish the algorithms behind Twitter Resonance? A: They won't publish the formula because it will be gamed. However, they will provide advertisers with the scores so they can better hone their tweets.
- Costolo: It raises the hairs on their heads when people say they are social media platform, when they think of themselves as the web's general interest platform. This is part of what he meant by "real-time interest graph."
- They're going to try out other potential areas for Promoted Tweets, such as geolocation. They just don't know how users will react to those type of things, yet.
- Brad Nelson: "Gelocation is huge for us." Starbucks could potentially use geolocation advertising to get customers through local stores. Foursquare (Foursquare) is big for Starbucks. They want to be able to market where they are.
- Twitter won't reveal when phase 2 of the Promoted Tweets platform will launch.
- They are considering requiring Twitter accounts in the program to have been on Twitter for a certain period of time.
- It's super early on what resonance means — they have hypotheses, but they need to test and find out how users interact with them. For example, how fast should resonance scores and promoted tweets decay?
- Nelson: "We don't want to be tweeting the same thing every day.
http://mashable.com/2010/04/14/twitter-coo-promoted-tweets-are-not-ads/
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