Everyone’s talking about Elon Musk’s Twitter takeover, but do you know what that means for your firm’s account? Without commenting on Musk’s business strategy, his bold actions, such as changes in verification process including the Twitter Blue launch and an overhaul of moderation policies, have caused many of our clients to wonder what a Musk-led Twitter might mean. As you think about how this may affect your firm’s Twitter strategy, take these four tips into consideration.
- Hang tight but watch for new developments. As the situation unfolds and reports of an employee exodus permeate the news cycle, both the way people use Twitter and the platform’s future are uncertain. If the constant changes to policies regarding verification are an indicator, then there will be more in the coming weeks.
- Monitor your audience. Although some have already left Twitter, a large portion of the user base remains. An MIT Technology review report found that almost 900,000 accounts were deactivated and nearly 500,000 more were suspended between Oct. 27 and Nov. 1, a drop in the bucket relative to the hundreds of millions of users remaining. Sudden decreases in users in response to new ownership or policies on social platforms are not unprecedented—take the migration from Tumblr in 2018 for example. However, users tend to want to stay where their network is. While many are suggesting Mastodon and Post as alternatives, some report shortcomings that may prevent mass migration. Take Mastodon’s decentralized, open-source software that causes confusion for some users. Without an immediate alternative, it’s unlikely that a significant portion of your audience will disappear. If/when you do notice a notable loss of followers, then it may be time to reevaluate.
- Check what your peers are doing. If your competitors remain active on Twitter, by leaving you could be missing out on reaching relevant stakeholders. We wouldn’t be surprised to see an acceleration of departures as we’ve had clients express concern about a lack of content moderation, such as the removal of the COVID-19 misinformation policy and adjustments to the suspension guidelines.
- Request your archive. Though talk of Twitter “going dark” is lessening now, it may still make sense to request a full archive of your corporate Twitter account as a precaution. You’ve invested time and effort building a following—why not take an easy step to secure it? This archive will give you access to your follower list, your posts, DMs and any other Twitter activity.
It’s hard to predict the long-term outcomes of the Twitter takeover. At this point, we’ve been advising our clients to wait and see what happens before making any big changes to their Twitter approach.
Periods of change often create an opportunity to reassess. It may make sense in 2023 to evaluate your entire social media strategy. For example, it might be time to focus more on LinkedIn. In the financial services industry, LinkedIn continues to be the main social media platform. That being said, what some call “FinTwitter” is still the go-to platform for financial reporters and audiences looking for quick thoughts on market trading and breaking financial news.
And for now, anyway, Twitter appears to remain a favorite haunt for financial journalists. By staying on the platform, your firm and its thought leaders probably have a better chance of catching a reporter’s eye than on LinkedIn.
Before you make any decision on your firm’s social media presence, gather data across your social and digital strategies to make an informed decision. At the end of the day, use this information to assess the best way forward.