Twitter shares received a boost this week on the news that billionaire Elon Musk became the social media giant's top shareholder and joined the board of directors, but one expert says it's not just investors who should be paying attention to the renewed excitement surrounding the platform.
Marketing guru Tim Parkin says now is the perfect time for companies to join Twitter or up their game on the social media site he calls "the water cooler of the internet" and touts as "one of the most powerful places for companies to earn massive attention with minimal effort or investment."
"Elon Musk is someone who understands Twitter better than most people," Parkin told FOX Business. "His tweets move markets and cause controversy, he frequently posts memes and cryptic messages and, most importantly, he's a notable personality that has drawn more than 80 million people to follow him on the platform."
But Parkin does not recommend rushing out to invest in paid advertising on Twitter. Instead, he suggests firms should establish a growing presence on the network.
"The investment required to create organic content on Twitter is minimal and the connections and reach that can result for a company are outsized," he says. "Like most great marketing, Twitter is a long-term play which is why now is the perfect time for marketers who have previously disregarded Twitter to reconsider—especially with the recent rise in CPM costs on Facebook and TikTok advertising."
Parking recommends four steps for companies to reach their customers on Twitter:
1. Sign your company up or refresh your Twitter account with a new header image, bio, and link.
2. Follow the official Twitter Marketing account for best practices, news and inspiration.
3. Connect with relevant partners, vendors, industry leaders and influencers.
4. Start posting and engaging daily—Twitter is a community that requires showing up and participating regularly.
"Forget the notion of 140 characters; Twitter is the community watering hole for the modern marketer," Parkin said. "As Elon Musk continues to influence the evolution of Twitter, it will become an even more important and interesting platform for companies to consider."